Charity Registration No. 274275
ACACIA CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
ACACIA CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Angela Gillian Rubens |
|---|---|
| Simon Alexander Rubens | |
| Paul Harry Rubens | |
| Charity number | 274275 |
| Registered office | HW Fisher LLP |
| Acre House | |
| 11-15 William Road | |
| London | |
| NW1 3ER | |
| Independent examiner | Joel Courts |
| c/o HW Fisher LLP | |
| Acre House | |
| 11-15 William Road | |
| London | |
| NW1 3ER | |
| Bankers | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment advisors | Julius Baer Portfolio Managers Ltd |
| 1 St Martin's Le Grand | |
| London | |
| EC1A 4AS |
ACACIA CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 13 |
ACACIA CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their 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 accounts and comply with the charity'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 from 1 January 201 9)”
Objectives and activities
The charity's object ive, as set out in the Charitable Trust Deed, is for the trustees to apply capital and income to or towards or for the benefit or furtherance of such charitable purposes or charitable institutions at their absolute discretion.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
During the year the Trust generated income resources of £ 55,136 (20 20 : £ 63,149 ) which enabled the charity to make 40 (2020: 38) grants.
The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Financial review
The Trust received income from investments which amounted to £ 21,746 (20 20 : £ 29 , 939 ), rental income of £27,000 (20 20 : £ 27 ,0 00 ) and service charges of £ 6,391 (20 20 : £ 6 , 210 ) .
As shown in the statement of financial activities, the gain on revaluation of investments amounted to £ 191,122 (20 20 : loss of £ 173,242 ) and the gain on sale of investments was £ 56,780 (20 20 : loss of £ 1,179 ). The property has been revalued this year with a loss on revaluation for £ 10,000 (2020: £ 6,500).
The net in crease in funds for the year was £ 189,461 (20 20 : decrease in funds of £ 200 , 289 ).
Reserves Policy
The trustees wish the charity to continue for the long term, having taken this into account, the charity's policy is to distribute substantially all its income. The invested assets are in effect, a financial reserve. The grants made in recent financial years have been broadly equivalent to the charity's income. It is planned that this level of expenditure can be maintained in the future with reserves of £1.7m. Any expenses in excess of income will be met from reserves.
The unrestricted funds of the charity as at 5 April 20 21 amounted to £1 ,773,415 (20 20 : £1, 583 , 954 ) .
Grant Making Policy
The trustees' grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
The trustees reviewed and accepted grant applications during the year under review. During the year the Trust made 40 (2020: 38) grants totalling £ 72,112 (20 20 : £ 52,694 ).
Risk
The trustees ha ve 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.
T he trustees have considered the effect of the prolonged Covid-19 outbreak that has been spreading throughout the world in early 2020 and it may have on the charity's activities. The trustees have planned to take reasonable steps to mitigate against this situation and consider that this outbreak is unlikely to cause a significant disruption to the charity's business and that the charity can continue in operation for the foreseeable future.
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ACACIA CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Investment Policy
In order for the trustees to maintain the value of the Trust fund, Julius Baer Portfolio Managers Ltd advise them on their approach to their portfolio of investments, in particular on asset allocation so as to achieve a wide diversification of the Trust's investment portfolio in order to spread risk. The current investment policy is to adopt a balanced return from income and capital growth.
Structure, governance and management
Acacia Charitable Trust is registered with the Charity Commissioners (No 274275) and constituted by Deed of Trust dated 1 August 1977.
The trustees who served during the year and up to the date of signature of the financial statements were: Angela Gillian Rubens Simon Alexander Rubens Paul Harry Rubens
Power of appointing trustees lies with the serving trustees. Any one trustee can retire at any time they see fit.
Plans for the future
It is the trustees' intention to continue to review grant applications in the future and make donations where they see fit.
On behalf of the Board of Trustees
..............................
Simon Alexander Rubens
Trustee Dated: .........................
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ACACIA CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2021
The trustees are responsible for preparing the Trustees' Report and the 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 trustees to prepare financial statements for each financial 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 year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ACACIA CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ACACIA CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Acacia Charitable Trust (the charity) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
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 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Joel Courts c/o HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER
Dated: .........................
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ACACIA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 55,136 | 63,149 |
| Expenditure on: | |||
| Raising funds | 4 | 22,964 | 19,273 |
| Charitable activities | 5 | 78,560 | 65,162 |
| Total resources expended | 101,524 | 84,435 | |
| Net gains/(losses) on investments | 11 | 237,902 | (180,921) |
| Net incoming/(outgoing) resources | 191,514 | (202,207) | |
| Other recognised gains and losses | |||
| Other gains or losses | 12 | (2,053) | 1,918 |
| Net movement in funds | 189,461 | (200,289) | |
| Fund balances at 6 April 2020 | 1,583,954 | 1,784,243 | |
| Fund balances at 5 April 2021 | 1,773,415 | 1,583,954 |
All activities on the Statement of Financial Activities relate to unrestricted funds.
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ACACIA CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investment property 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2021 £ 10,150 35,457 45,607 (36,671) |
£ 295,000 1,469,479 1,764,479 8,936 1,773,415 1,773,415 1,773,415 |
2019 £ 9,914 39,963 49,877 (28,085) |
£ 305,000 1,257,162 1,562,162 21,792 1,583,954 1,583,954 1,583,954 |
|---|---|---|---|---|
The accounts were approved by the Trustees and signed on their behalf by:
.............................. Simon Alexander Rubens Trustee Dated: .........................
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
Acacia Charitable Trust is a registered charity. The charity meets the definition of a public benefit entity under FRS102. The registered address is Acre House, 11-15 William Road, London, NW1 3ER.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's 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 from 1 January 201 9 ).
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 to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees have considered the effect of the prolonged Covid-19 outbreak. The trustees consider that the outbreak is unlikely to cause a significant disruption to the charity's activities and are confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. T he trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future .
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
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.
Investment income received net is stated gross with the relevant tax deducted included under 'cost of raising funds'.
1.5 Expenditure
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the charitable activity in the statement of financial activities.
Costs of raising funds are those costs incurred in managing the charity's investment portfolio.
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Governance costs relate to expenditure incurred in dealing with donations and administration and compliance with constitutional and statutory requirements.
Grants payable comprise donations directly related to the objects of the charity.
Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions are recognised in the period those conditions are met, prior to this they are noted as a commitment but not accrued as expenditure.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
1.7 Fixed asset investments
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
1.8 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.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Valuation of investment properties
Determining the fair value of the Charity's investment property as at each balance sheet date involves an element of estimation. The trustees manage the resulting estimation uncertainty by independent valuations or reviewing values on a property by property basis and by referring to available market evidence, including rental yields and realised sales values for similar properties.
3 Investments
| Interest and dividends Rental income Service charges |
2021 £ 21,746 27,000 6,391 55,136 |
2020 £ 29,939 27,000 6,210 |
|---|---|---|
| 63,149 |
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 4 Raising funds Investment management Property expenses (see note 7) 5 Charitable activities Grant funding of activities (see note 6) Share of governance costs (see note 8) |
2021 £ 15,277 7,687 22,964 2021 £ 72,112 6,448 78,560 |
2020 £ 11,963 7,310 |
|---|---|---|
| 19,273 | ||
| 2020 £ 52,694 12,468 |
||
| 65,162 |
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
6 Grants payable
| Grants to institutions: Alzheimer's Society Ben Gurion University Beth Shalom Limited Camphill Village Trust Great Ormond Street Hospital Hampstead Theatre Hospital Kosher Meals Service Jewish Care Jewish Museum Jewish Womens Week Magen David Adom UK Nightingale Hammerson Other ORT UK Painters Company Charities Royal Opera House Covent Garden Foundation Shelter Spanish & Portuguese Jews' Synagogue St Johns Hospice St Mungo's The Foundation and Friends of the Royal Botanic Gardens Kew The Institute for Jewish Policy Research The Wiener Holocaust Library The Z.S.V Trust - Food Lifeline WITSO World Jewish Relief |
2021 £ - - - - - 1,000 300 11,000 36,000 - - 2,000 87 1,000 3,200 100 200 7,125 2,000 200 100 600 300 500 400 6,000 72,112 |
2020 £ 200 600 200 200 200 200 200 4,000 36,000 200 2,000 1,000 1,944 1,000 - - 200 850 2,000 200 - 600 200 400 300 - |
|---|---|---|
| 52,694 |
7 Property expenses
| Insurance Property management |
2021 £ 6,391 1,296 7,687 |
2020 £ 6,210 1,100 |
|---|---|---|
| 7,310 |
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 8 Support costs Support costs Governance costs £ £ Accountancy fee - 6,336 Bank charges - 112 - 6,448 Analysed between Charitable activities - 6,448 |
2021 Support costs Governance costs £ £ £ 6,336 - 12,369 112 - 99 6,448 - 12,468 6,448 - 12,468 |
2020 £ 12,369 99 12,468 12,468 |
|---|---|---|
Accountancy fees comprise Independent Examiner's Fee of £2,500 (20 20 : £2,500) and fee for accountancy services of £ 3,836 (20 20 : £ 9,869 ).
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no employees during the current or prior year .
11 Net gains/(losses) on investments
| Gain/(loss) on revaluation of investments Gain on sale of investments Revalution of investment properties 12 Other gains or losses Foreign exchange (loss)/gain |
2021 2020 £ £ 191,122 (173,242) 56,780 (1,179) (10,000) (6,500) 237,902 (180,921) 2021 2020 £ £ (2,053) 1,918 |
|---|---|
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
13 Investment property
| Market value at 6 April 2020 Loss on revaluation Market value at 5 April 2021 |
2021 £ 305,000 (10,000) 295,000 |
2020 £ 311,500 (6,500) 305,000 |
|---|---|---|
The property managing agent, Malcolm Bailey BSc (Hons) MRICS ACIArb, has undertaken a valuation of the property, 36/38 Market Place, Otley, and is of the opinion that the market value as at 5 April 20 21 is £ 295 , 0 00.
Historical Cost
| 2021 £ Cost 327,486 Accumulated depreciation - Carrying amount 327,486 Fixed asset investments Investments Cash in portfolio £ £ Cost or valuation At 6 April 2020 1,189,678 67,484 Additions 340,808 (340,808) Valuation changes 191,122 - Cash withdrawn - (40,002) Dividends and interest received - 21,746 Investment management - (15,277) Foreign exchange - (2,053) Disposals (322,447) 379,227 At 5 April 2021 1,399,161 70,317 Carrying amount At 5 April 2021 1,399,161 70,317 At 5 April 2020 1,189,678 67,484 |
2020 £ 327,486 - 327,486 Total £ 1,257,162 - 191,122 (40,002) 21,746 (15,277) (2,053) 56,780 1,469,478 1,469,478 1,257,162 |
|---|---|
14 Fixed asset investments
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ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
15 Debtors
| Amounts falling due within one year: Income tax recoverable Insurance prepaid Monies on account with MERJS Property management fees |
2021 £ 55 2,095 7,696 304 10,150 |
2020 £ 55 1,979 7,680 200 |
|---|---|---|
| 9,914 |
16 Creditors: amounts falling due within one year
| Accountancy fees Amount due to tenant Rent received in advance VAT payable Other creditors |
2021 £ 20,256 2,095 5,860 2,420 6,040 36,671 |
2020 £ 19,036 1,979 5,860 1,210 - |
|---|---|---|
| 28,085 |
17 Operating lease commitments Lessor
The operating lease represents leases to two third parties.
Unit 1 is let on a lease for a term of 10 years from 26 June 2011 at a rent of £17,000 per annum. This rent was not increased upon the review at the end of Year 5.
Unit 2 is let on a lease for a term of 5 years from 25 September 2018 at a rent of £10,000 per annum.
At the reporting end date the charity had contracted with tenants for the following minimum lease payments:
| Within one year Between two and five years |
2021 £ 14,250 15,000 29,250 |
2020 £ 27,000 29,250 |
|---|---|---|
| 56,250 |
18 Related party transactions
There were no related party transactions to disclose during the year (2020 - none) .
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