Charity registration number 273691
THE ANDREW BALINT CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE ANDREW BALINT CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | D M Balint-Kurti |
|---|---|
| Dr G Balint-Kurti | |
| P J Balint-Kurti | |
| R D Balint-Kurti | |
| Charity number | 273691 |
| Accountants | Gravita III 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 | |
| Solicitors | Merryman White |
| 3 Kings Bench Walk | |
| Inner Temple | |
| London | |
| EC4Y 7DJ | |
| Investment advisors | Evelyn Partners |
| Portwall Place | |
| Portwall Lane | |
| Bristol | |
| BS1 6NA |
THE ANDREW BALINT CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE ANDREW BALINT CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report and accounts for the year ended 5 April 2023.
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 the trust'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 (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 trust should undertake.
The charity's income during the year was derived mainly from the investments held by the charity. These investments take form of stocks, shares and cash deposits held with financial institutions. In addition to the above income, the charity also received donations from The George Balint Charitable Trust.
The Trust made donations within the bounds laid down by its trust deed in the sum of £53,644 (2022: £80,950).
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 decreased to £1,778,185. 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 trust 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 trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Andrew Balint Charitable Trust is constituted by a deed of trust dated 5 May 1977 and is registered with the Charity Commission, registration 273691. The principle objects of the trust are to assist other charitable institutions and foundations both in the United Kingdom and abroad to achieve their respective objectives.
The trustees who served during the year and up to the date of signature of the financial statements were: D M Balint-Kurti
Dr G Balint-Kurti P J Balint-Kurti R D Balint-Kurti
The power to appoint trustees is vested with the trustees.
The trust's management consists solely of the trustees.
The Andrew Balint Charitable Trust and The George Balint Charitable Trust operate from the same premises and are jointly administered. They are independent of each other.
The Trustees are satisfied that the charity has operated effectively and efficiently during the year.
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THE ANDREW BALINT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
On behalf of the board of trustees
Dr G Balint-Kurti
Trustee Dated: 19 January 2024
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THE ANDREW BALINT CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ANDREW BALINT CHARITABLE TRUST
I report on the accounts of the trust for the year ended 5 April 2023, which are set out on pages 4 to 11.
Respective responsibilities of trustees and examiner
The Andrew 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:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements 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 now 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:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(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 FCA Gravita III LLP 66 Prescot Street London E1 8NN
Dated: 22 January 2024
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THE ANDREW BALINT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 18,107 | 12,500 |
| Investments | 3 | 46,963 | 17,117 |
| Total income | 65,070 | 29,617 | |
| Expenditure on: | |||
| Charitable activities | 4 | 77,586 | 86,159 |
| (12,516) | (56,542) | ||
| Net gains/(losses) on investments | 9 | (95,748) | 189,655 |
| Net movement in funds | (108,264) | 133,113 | |
| Fund balances at 6 April 2022 | 1,886,449 | 1,753,336 | |
| Fund balances at 5 April 2023 | 1,778,185 | 1,886,449 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE ANDREW BALINT CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 1,651,311 133,294 (6,420) 126,874 1,778,185 1,778,185 1,778,185 |
2022 £ £ 1,807,684 83,535 (4,770) 78,765 1,886,449 1,886,449 1,886,449 |
2022 £ £ 1,807,684 83,535 (4,770) 78,765 1,886,449 1,886,449 1,886,449 |
|---|---|---|---|
| 1,886,449 | |||
| 1,886,449 | |||
| 1,886,449 |
The financial statements were approved by the Trustees on 19 January 2024
Dr G Balint-Kurti Trustee
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
The trust is constituted by a Deed of Trust dated 5 May 1977 and is registered with the Charity Commission, registration 273691.
1.1 Accounting convention
The financial statements have been prepared in accordance with the the trust's deed of trust, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 the trust is a Public Benefit Entity as defined by FRS 102.
The the trust has taken advantage of the provisions in the SORP for charities 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 accounts are prepared in sterling, which is the functional currency of the trust. Monetary amounts 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 investments 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 accounts, the trustees have a reasonable expectation that the trust 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 accounts.
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 the trust.
1.4 Income
Income is recognised when the the trust 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 trust 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, certainty of receipt and the amount can be measured with sufficient reliability.
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.5 Expenditure
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.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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.
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
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 payments 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 trust’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 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 Donations and legacies
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 18,107 | 12,500 | |
| 3 | Investments | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Income from other investments | 46,391 | 15,682 | |
| Interest receivable | 572 | 1,435 | |
| 46,963 | 17,117 |
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
4 Charitable activities
| Grant funding of activities (see note 5) Share of support costs (see note 6) |
2023 £ 53,644 23,942 77,586 |
2022 £ 80,950 5,209 |
|---|---|---|
| 86,129 |
5 Grants payable
| American Jewish joint Distribution Committee UK Jewish care FET Donation Whittington Hospital Charitable Foundation Nightingale Hammerson Magyaroszagi Zsi Royal Free Charity Belsize Square synagogue Leket UK / Leket Israel Masorti Judaism British Friends of Neve Shalom Norwood Shalom Foundation March of Living United Jewish Israel appeal Queen Elizabeth's Foundation Imperial College London Children's Hospice South West Combat Stress St Mungo's Royal British Legion Magen David Adom St.Peter's Hospice MacMillian Cancer Support Jewish Blind and Disabled Share Zedek World Jewish Relief The Benji Hillman Foundation The Jewish Hall of Fame Others |
2023 £ 25,000 - 1,644 - 5,000 - - 1,000 1,000 - 2,000 2,000 1,000 - 13,000 - - - - - - - - - - - - - 2,000 - 53,644 |
2022 £ 25,000 10,000 2,450 - 5,000 - - 1,000 1,000 1,500 2,000 2,000 1,000 1,000 12,500 - 2,500 1,000 - 1,000 1,000 1,000 500 500 1,000 500 4,000 1,000 2,000 500 |
|---|---|---|
| 80,950 |
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
5 Grants payable
(Continued)
6 Support costs
| Accountancy Legal and professional Bank charges and fees Bad debts |
Support costs Governance costs £ £ - 9,990 - 13,793 - 28 - 131 - 23,942 |
2023 £ 9,990 13,793 28 131 23,942 |
2022 Basis of allocation £ 3,600 Governance 730 Governance - Governance 879 Governance 5,209 |
|---|---|---|---|
Governance costs includes payments to Carter Backer Winter LLP / Gravita III LLP of £9,990 (2022- £3,600).
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the the trust during the year.
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluation of investments | (95,748) | 189,655 |
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THE ANDREW BALINT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 05 April 2022 | 1,807,684 |
| Additions | 61,701 |
| Valuation changes | (95,748) |
| Disposals | (122,326) |
| At 5 April 2023 | 1,651,311 |
| Carrying amount | |
| At 05 April 2023 | 1,651,311 |
| At 05 April 2022 | 1,807,684 |
12 Creditors: amounts falling due within one year
| Accruals and deferred income 13 Related party transactions |
2023 £ 6,420 |
2022 £ 4,770 |
|---|---|---|
There were no disclosable related party transactions during the year (2022 - none).
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