CHARITY NUMBER 271067
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
AND
FINANCIAL STATEMENTS
5 APRIL 2023
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 1-5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10-14 |
Page 1
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
YEAR ENDED 5 APRIL 2023
The trustees present their report along with the financial statements of the charity for the year to 5 April 2023. The financial statements have been prepared in accordance with accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, 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 published on 16 July 2014.
OBJECTIVES AND ACTIVITIES IN THE PUBLIC INTEREST
The objectives of the trust are to promote and benefit such charitable causes as the Freedman family in its broader sense determine should receive benefit. This will normally take the form of grant-making.
The trustees have decided that this objective should be achieved both by periodically building up successive endowment funds for significant projects or donations to be made in memory of the founders of the trust and, at the same time, by making charitable donations to those causes that the trustees consider are in need of assistance, guided by members of the Freedman family in particular.
The charity has in the past given a significant proportion of its grants into the area of Burnham in Buckinghamshire where the Freedman family lived for many years either directly or through the Burnham Health Promotion Trust (BHPT), a trust established by Mr Louis Freedman to promote good health and health education to the people of Burnham. The charity has received an application for funding from BHPT, which was unable to find alternative sources of finance. As the trust wanted to help BHPT to retain the momentum that has been developed in the community the trustees have agreed to continue to support it at the rate of £20,000 per annum and to consider supporting grant requests to enable it to deliver additional resources into the community.
The charity also supported various other charitable causes which members of the Freedman family brought to the trustees to consider. Donations will continue to be related to areas of interest of the Freedman family, and also to continue to support areas of interest of the late Louis & Valerie Freedman.
The Trustees confirm that they paid due regard to the Charity Commission’s guidance on public benefit when deciding what activities the Charity undertook in the year and in planning what activities it should undertake in the future. The grant making policy is set out below. The Trustees confirm that all the grants referred therein were for the benefit of the public.
PROCEDURES AND GRANT-MAKING POLICY
The trustees meet periodically (and are also in regular contact) to consider what grants they will make and to review any feedback they have received relating to past donations. The trustees receive many applications for assistance but are normally minded to help those with a link to the Freedman family. Further, the trustees invite applications for funding from the Burnham Health Promotion Trust, a related charity also established by Louis Freedman.
The trust donations and administration is handled by a part time employee of Hughes Collett Ltd, the firm which also handles the financial affairs of the charity, including preparation of the accounts. The trustee Francis Hughes is principal of this firm. The amount paid for these services was £6,000 (2022 - £6,000).
Page 2
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
YEAR ENDED 5 APRIL 2023 (continued)
ACHIEVEMENTS AND PERFORMANCE OF THE TRUST
The trustees received many grant requests in the year, all of which were given their consideration. The trustees made further grants totalling £104,713 and these donations were in the following areas of charitable activities:
Medical Research/ Health/ Sickness – £94,713 Animal Welfare – £10,000
The trustees are delighted with the impact their donations have made to the causes supported.
FINANCIAL REVIEW
The trust is reliant on the income from its investments which, including bank interest, was £129,204 (2022 - £124,074). This income facilitated the charity’s activities in the year to 5 April 2023.
INVESTMENT POLICY AND PERFORMANCE
The trust’s investment strategy is to set an investment yield of 3% income per annum and to establish a defensive investment policy with the charity’s investment managers J M Finn & Co in order to protect the value of the capital and income of the charity in real terms over the medium term. An investment yield of 2.98% (2022 – 2.51%) was achieved in the year, based on the average of the quarterly market values of the portfolio during the year.
The investments had a market value at 5 April 2023 of £4,137,769 against a valuation at the previous year-end of £4,744,213, a decrease of 12.78%.
Total losses during the year ended 5 April 2023 amounted to £776,007, which was comprised of realised losses of £53,465 and unrealised losses on the revaluation of the portfolio as at 5 April 2023 of £722,542.
The Trustees have benefitted from superior investment returns over many years with JM Finn. Whilst the investment performance in 2023 was very disappointing this was largely the result of the impact of interest rate rises on the charity’s exposure to infrastructure and property investments which the brokers invested in to generate income for the trust when interest rates were low.
The brokers remain satisfied that the investments are of good quality but continue to monitor the relative exposure of the portfolio to different sectors to preserve the capital base. The Trustees are pleased to report that since the year end the portfolio value has been preserved.
RISK MANAGEMENT
The charity’s trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the permanent endowment to constitute the charity’s major risk. In order to counter this risk, the trustees have ensured that the mandate that they have given to the investment managers who are required to ensure that a minimum income yield of 3% is generated and that their investment objective is to protect the value of the capital and income in real terms over the medium term. The trustees keep their choice of investment managers under active consideration. The investment managers manage this objective for the charity’s portfolio under a discretionary management agreement under powers granted to the charity by the Charity Commissioners in an order sealed on 17 December 1996.
Page 3
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
YEAR ENDED 5 APRIL 2023 (continued)
RESERVES
The trustees reserve policy is now to retain sufficient capital assets to generate an income to enable the charity to pay out between £90,000 and £120,000 per year. The trustees do not aim to maintain a minimum cash balance but the trust’s investment managers have invested funds in excess of £200,000 in funds that are readily accessible at all times.
The value of capital assets at the balance sheet date was £4,145,482 (2022 - £4,939,283). The capital generated an income of £129,204 (2022 - £124,074). The trustees made cash donations of £114,713 during the year of which £10,000 was to fulfil the third of a three-year pledge to the charity Rekindle made and accounted for in prior years, making up the £104,713 charged in the current year. The trustees are confident that their income will enable them to continue making donations of at least £100,000 a year to achieve the charity’s future objectives.
The trustees will review and make appropriate adjustments to the reserve policy during the year ended 5 April 2024 in the light of investment returns during that year.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to those risks.
PLANS FOR THE FUTURE
The trustees will continue to examine donation requests carefully and will make donations to those charitable causes which are selected.
Following the phased withdrawal of its support of BHPT and due to the fact that BHPT had not been able to find alternative sources of finance due to the size of its endowment, but wished to maintain its current level of activity, the trustees reviewed an application from BHPT to resume supporting it at a level of up to £60,000 per annum.
The trustees consulted the wider Freedman family who were broadly supportive of the proposal, but did not want to enter into a pledge. The trustees approved additional funding to BHPT up to a total of £64,713 during the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust is an unincorporated trust, constituted under a trust deed dated 26 February 1976 and is a registered charity number 271067.
The trust was established by an initial gift from Louis Freedman in 1976, followed by gifts to the charity from various companies that Louis Freedman assisted during his professional life and legacies to the charity following his death and the death of his wife Valerie Freedman. Both the initial donation and additional amounts donated since then have been added under terms which allow the trustees to either retain the amounts as capital or spend them. The trust deed gives the trustees the power to apply the funds in such a manner as they think fit, to or for the benefit of any charitable object or purpose.
The trust does not actively fundraise and seeks to continue to benefit charities in memory of the founders through the careful stewardship of its existing resources.
Page 4
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
YEAR ENDED 5 APRIL 2023 (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
The powers to appoint new trustees initially vested in the original settlor of the trust, Louis Freedman, in his lifetime and after his death vested in his widow Valerie Freedman during her lifetime. Now that both Mr and Mrs Freedman have died, the power of appointing new trustees’ vests in the continuing trustees, one of whom is a member of the Freedman family and one of whom is a professional adviser to the family over many years.
The trustees keep the skills requirement for themselves under review and in the event that a trustee permanently retires or it is decided that new trustees are required, the trustees would initially seek applications from the Freedman family. In the final selection of any new trustees the views of Philip Freedman, Clive Freedman and Maralyn Ferrier would be taken into account. However, the ultimate decision on selection is a matter for the existing trustees.
Where there is a requirement for new trustees, these would be identified and appointed by the remaining trustee. The remaining trustee would be responsible for the induction of any newly appointed trustee. This would involve ensuring the new trustee received copies of the governing document, administrative procedures, the history and approach of the charity and its investment policies. Any new trustee would also receive copies of trustees’ minutes, copies of the last three years of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commissioners guidance “The Essential Trustee –What you need to know, what you need to do”. The trustees also attend regular meetings whereby trustees are updated about changes which impact on the work of the charity and their role as Trustees.
KEY MANAGEMENT PERSONNEL REMUNERATION
The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give freely of their time and no trustee remuneration was paid in the year. Details of trustees’ expenses and related party transactions are disclosed in note 2 to the accounts.
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
M. A. G. Ferrier F. H. Hughes
Principal Office Bridge House 11 Creek Road East Molesey Surrey KT8 9BE
Independent Examiner
G N Birch Birch Riddle & Co Ltd 6 Orchard Close West Ewell KT19 9NS
Page 5
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
YEAR ENDED 5 APRIL 2023 (continued)
REFERENCE AND ADMINISTRATIVE INFORMATION (continued)
Bankers
NatWest Bank 1 High Street Weybridge Surrey KT13 8UA
Investment Managers
J M Finn & Co 25 Copthall Avenue London EC2R 7AH
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material
-
departures that must be disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to
-
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 27[th] June 2023
and signed on their behalf by
……………………………….. F.H. HUGHES
Page 6
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE LOUIS AND VALERIE FREEDMAN
CHARITABLE SETTLEMENT
YEAR ENDED 5 APRIL 2023
I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2023, which are set out on pages 7 to 14.
Responsibilities and basis of report
As the charity’s trustees, 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 2011 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 which gives me cause to believe that, in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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.
6 Orchard Close West Ewell Surrey KT19 9NS
G N Birch FCA Birch Riddle & Co Ltd Chartered Accountants
Date: 27[th] June 2023
Page 7
THE LOUIS AND VALERIE FREEDMAN
CHARITABLE SETTLEMENT
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2023
| Total | Total | ||
|---|---|---|---|
| Notes | 2023 | 2022 | |
| £ | £ | ||
| Income | |||
| Investment income | 3 | 129,204 | 124,074 |
| ------------ | ------------ | ||
| Expenditure | |||
| Costs of raising funds | |||
| Investment management costs | 34,778 | 39,053 | |
| Expenditure on charitable activities | |||
| Donations to charities and related expenses | 4 | 112,220 | 62,506 |
| ------------ | ------------ | ||
| Total expenditure | (146,998) | (101,559) |
|
| ------------ | ------------ | ||
| Net (expenditure)/income and net movements | |||
| in funds before (losses)/gains on investments | (17,794) | 22,515 |
|
| Net (losses)/gains on investments | 5 | (776,007) | 229,682 |
| ------------ | ------------ | ||
| Net movement in funds | (793,801) | 252,197 |
|
| Reconciliation of funds: | |||
| Total funds brought forward | 4,939,283 | 4,687,086 | |
| ------------ | ------------- | ||
| Total funds carried forward | 4,145,482 | 4,939,283 | |
| ======= | ======== |
The notes on pages 10 to 14 form part of these financial statements
Page 8
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
BALANCE SHEET
5 APRIL 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 5 | 4,137,769 | 4,744,213 | ||
| Current assets | |||||
| Debtors | 6 | 854 | 100 | ||
| Cash at bank | 14,359 | 212,470 | |||
| ---------- | ---------- | ||||
| Total current assets | 15,213 | 212,570 | |||
| Creditors | |||||
| Amounts falling due within one year | 7 | (7,500) | (17,500) | ||
| ---------- | --------- | ||||
| Net current (liabilities)/assets | 7,713 | 195,070 | |||
| ------------ | ------------ | ||||
| Total net assets | 4,145,482 | 4,939,283 | |||
| ======= | ======= | ||||
| Funds of the charity: | |||||
| Unrestricted funds | 4,145,482 | 4,939,283 | |||
| ======= | ======== |
Approved by the Trustees on 27[th] June 2023 ........................................................................... M.A.G. FERRIER ........................................................................... F.H. HUGHES
The notes on pages 10 to 14 form part of these financial statements
Page 9
THE LOUIS AND VALERIE FREEDMAN
CHARITABLE SETTLEMENT
STATEMENT OF CASH FLOWS
YEAR ENDED 5 APRIL 2023
| Total | Total | ||
|---|---|---|---|
| Notes | 2023 | 2022 | |
| £ | £ | ||
| Net cash used in operating activities | 8 | (157,753) | (120,039) |
| ---------- | ----------- | ||
| Cash flows from investing activities | |||
| Investment income | 3 | 129,204 | 124,074 |
| Net (purchases)/sales of investments | 5 | (169,563) | 197,505 |
| ----------- | ---------- | ||
| Net cash (absorbed)/provided by investing | activities | (40,359) | 321,579 |
| ----------- | ---------- | ||
| Change in cash in the year | (198,112) | 201,540 | |
| Cash brought forward | 212,471 | 10,931 | |
| ---------- | ---------- | ||
| Cash carried forward | 14,359 | 212,471 | |
| ====== | ====== |
The notes on pages 10 to 14 form part of these financial statements
Page 10
THE LOUIS AND VALERIE FREEDMAN
CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
1. Accounting Policies
1.1 Basis of preparation and assessment of going concern
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. The 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 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2023-24, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
1.2 Fund structure
The Charity does not have any restricted funds or designated funds. All the Trustees funds represent General Unrestricted Funds which are expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment
1.3 Income recognition
Donations are included in incoming resources when they are receivable, except when the donors specify that they must be used in future accounting periods, or where donor conditions have not been fulfilled, the income is deferred.
Investment income is accounted for when receivable.
1.4
Expenditure recognition
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
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. Grants 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 condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Page 11
THE LOUIS AND VALERIE FREEDMAN
CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
1.5 Allocation of governance costs
Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity. They include the costs of preparing the statutory accounts, the cost of the independent examination, and costs linked to the strategic management of the charity. These costs have been allocated to expenditure on charitable activities.
1.6 Cost of raising funds
The costs of generating funds consist of investment management costs.
1.7 Charitable activities
Costs of charitable activities include grants made and governance costs
1.8 Fixed asset 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 Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
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.
1.9 Contingent liabilities
A contingent liability is identified and disclosed for those grants resulting from:
-
a possible obligation which will only be confirmed by the occurrence of one or more
-
uncertain future events not wholly within the trustees’ control; or
-
a present obligation following a grant offer where settlement is either not considered
-
probable; or
• the amount has not been communicated in the grant offer or the amount cannot be estimated reliably
2. Related party transactions and trustees’ expenses and remuneration
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2022: £nil). In the year Hughes Collett, a firm controlled by F.H. Hughes, a trustee, provided accountancy and administration services to the trust in the sum of £6,000 (2022- £6,000).
Page 12
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
3. Investment income
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Dividends and unit trust distributions | 129,204 | 124,074 | |
| ====== | ====== | ||
| 4. | Analysis of expenditure on charitable activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations made in the year (note 9) | 104,713 | 55,000 | |
| Governance costs: | |||
| Accountancy & administration | 6,000 | 6,000 | |
| Independent examiner’s fees | 1,500 | 1,500 | |
| Bank charges | 7 | 6 | |
| ---------- | ---------- | ||
| 112,220 | 62,506 | ||
| ====== | ====== | ||
| 5. | Fixed asset investments | ||
| Movement in fixed asset listed investments | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Market value at 6 April 2022 | 4,744,213 | 4,712,036 | |
| Additions at cost | 584,966 | 2,639 | |
| Disposals at carrying value | (468,868) | (214,535) | |
| Net unrealised (losses)/gains in the year | (722,542) | 244,073 | |
| ------------ | ------------ | ||
| Market value at 5 April 2023 | 4,137,769 | 4,744,213 | |
| ======= | ======= | ||
| Net cash (utilised)/released by investments in the year | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Disposal proceeds | 415,403 | 200,144 | |
| Additions at cost | (584,966) | (2,639) | |
| ----------- | ----------- | ||
| Net cash (utilised)/released | (169,563) | 197,505 | |
| ======= | ======= |
Page 13
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
5. Fixed asset investments (continued) Net (losses)/gains on investments:
| Fixed asset investments (continued) |
||
|---|---|---|
| Net (losses)/gains on investments: | 2023 | 2022 |
| £ | £ | |
| Net realised losses on disposals in the year | (53,465) | (14,391) |
| Net unrealised (losses)/gains in the year | (722,542) | 244,073 |
| ---------- | ---------- | |
| Net (losses)/gains on investments | (776,007) | 229,682 |
| ====== | ====== | |
| Listed investments | 2023 | 2022 |
| £ | £ | |
| Equities | 3,944,541 | 4,669,306 |
| Fixed interest equities | 86,717 | 74,907 |
| Government bonds | 106,511 | - |
| ------------ | ------------ | |
| 4,137,769 | 4,744,213 | |
| ======= | ======= |
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
6. Debtors
| 6. | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Accrued investment income | 854 | - | |
| Income tax recoverable | - | 100 | |
| -------- | -------- | ||
| 854 | 100 | ||
| ===== | ==== | ||
| 7. | Creditors – amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accrued donations | - | 10,000 | |
| Accrued administrative expenses | 7,500 | 7,500 | |
| -------- | --------- | ||
| 7,500 | 17,500 | ||
| ===== | ===== |
8. Reconciliation of net movement in funds to net cash flow from operating activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | (793,801) | 252,198 |
| Deduct investment & other income | (129,204) | (124,074) |
| Add losses/deduct (gains) on investments | 776,007 | (229,682) |
| (Increase)/decrease in debtors | (755) | 1,519 |
| Decrease in creditors | (10,000) | (20,000) |
| ------------ | ------------- | |
| (157,753) | (120,039) | |
| ======= | ======= |
Page 14
THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
9. DONATIONS
The Trustees have made a number of grants to institutions in the current year, all of which further the objectives of the charity, as follows:
| Medical Research/Health/Sickness Purpose of donation Burnham Health Promotion Trust Community health promotion DEC Pakistan Floods Appeal Humanitarian aid DEC Turkey/Syria Earthquake Appeal Humanitarian aid Elmbridge CAN Community support for refugees DEC Ukraine Appeal Humanitarian aid Medical Detection Dogs Early detection of diseases MIND Advice & support to sufferers of mental health problems Revitalise Respite holidays for the disabled & carers Total Medical Research/Health/Sickness Animal Welfare Retraining Racehorses Care of retired racehorses TOTAL DONATIONS |
2023 £ 2022 £ 64,713 20,000 10,000 - 10,000 - 10,000 - - 10,000 - 10,000 - 10,000 - 5,000 |
|---|---|
| 94,713 55,000 |
|
| 10,000 - |
|
| 104,713 55,000 |