Charity Registration No. 274275
ACACIA CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
ACACIA CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Angela Gillian Rubens Simon Alexander Rubens Paul Harry Rubens Charity number 274275 Registered office 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' responsibilites | 3 |
| Independent examiner's report | 4 |
| Statement of fnancial actvites | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 14 |
ACACIA CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
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 2019)”
Objectives and activities
The charity's objective, 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 £54,913 (2021: £55,136) which enabled the charity to make 39 (2021: 40) 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 £23,184 (2021: £21,746), rental income of £27,268 (2021: £27,000) and service charges of £4,461 (2021: £6,391).
As shown in the statement of financial activities, the gain on revaluation of investments amounted to £41,703 (2021: £191,122) and the loss on sale of investments was £9,077 (2021: gain of £56,780). The profit on property revaluation is £5,000 (2021: Loss on revaluation of £10,000).
The net increase in funds for the year was £8,207 (2021: £189,461).
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 2022 amounted to £1,781,622 (2021: £1,773,415).
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 39 (2021: 40) grants totalling £54,658 (2021: £72,112).
Risk
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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.
- 1 -
ACACIA CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
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.
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: 4 May 2023
- 2 -
ACACIA CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2022
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.
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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.
- 3 -
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 2022.
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.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2
-
3 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: 4 May 2023
- 4 -
ACACIA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 54,913 | 55,136 |
| Expenditure on: | |||
| Raising funds | 4 | 23,122 | 22,964 |
| Charitable actvites | 5 | 63,184 | 78,560 |
| Total resources expended | 86,306 | 101,524 | |
| Net gains/(losses) on investments | 11 | 37,626 | 237,902 |
| Net incoming resources | 6,233 | 191,514 | |
| Other recognised gains and losses | |||
| Other gains or losses | 12 | 1,974 | (2,053) |
| Net movement in funds | 8,207 | 189,461 | |
| Fund balances at 6 April 2021 | 1,773,415 | 1,583,954 | |
| Fund balances at 5 April 2022 | 1,781,622 | 1,773,415 |
All activities on the Statement of Financial Activities relate to unrestricted funds.
- 5 -
ACACIA CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Investment propertes 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 liabilites Income funds Unrestricted funds - general |
2022 £ 17,360 27,128 44,488 (15,347) |
£ 300,000 1,452,481 1,752,481 29,141 1,781,622 1,781,622 1,781,622 |
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 |
Simon Alexander Rubens
Trustee
- 6 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
- 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 2019).
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 amounts in these
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
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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.
Governance costs relate to expenditure incurred in dealing with donations and administration and compliance with constitutional and statutory requirements.
- 7 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
- 1 Accounting policies
(Continued)
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 |
2022 £ 23,184 27,268 4,461 54,913 |
2021 £ 21,746 27,000 6,391 |
|---|---|---|
| 55,136 |
- 8 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 4 Raising funds Investment management Property expenses (see note 7) 5 Charitable actvites Grant funding of actvites (see note 6) Share of governance costs (see note 8) |
2022 £ 16,281 6,841 23,122 2022 £ 54,658 8,526 63,184 |
2021 £ 15,277 7,687 |
|---|---|---|
| 22,964 | ||
| 2021 £ 72,112 6,448 |
||
| 78,560 |
- 9 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
6 Grants payable
| Grants to insttutons: Britain Nepal Meducal Hampstead Theatre Hospital Kosher Meals Service Jewish Care Jewish Museum Natonal Brain Appeal Nightngale Hammerson Other ORT UK Painters Company Charites PH Rubens Royal Opera House Covent Garden Foundaton RNT Appeal Shelter Spanish & Portuguese Jews' Synagogue St Johns Hospice St Mungo's The Foundaton and Friends of the Royal Botanic Gardens Kew The Insttute for Jewish Policy Research The Wiener Holocaust Library The Z.S.V Trust - Food Lifeline Wizo.UK WJF HAITI WJF Ukraine World Jewish Relief Property expenses Insurance Property management Property repairs |
2022 £ 200 - - 3,000 18,000 400 4,000 - 2,500 - 78 - 100 150 8,055 2,000 200 275 - 200 300 700 500 1,000 13,000 54,658 2022 £ 4,461 700 1,680 6,841 |
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 | ||
| 2021 £ 6,391 1,296 - |
||
| 7,687 |
7 Property expenses
- 10 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 8 Support costs Support costs Governance costs £ £ Legal and professional - 2,520 Accountancy fee - 5,777 Bank charges - 229 - 8,526 Analysed between Charitable actvites - 8,526 |
2022 Support costs Governance costs £ £ £ 2,520 - - 5,777 - 6,336 229 - 112 8,526 - 6,448 8,526 - 6,448 |
2021 £ - 6,336 112 |
|---|---|---|
| 6,448 | ||
| 6,448 |
Accountancy fees comprise Independent Examiner's Fee of £2,500 (2021 : £2,500) and fee for accountancy services of £3,277 (2021 : £3,836).
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 revaluaton of investments Gain on sale of investments Revaluton of investment propertes 12 Other gains or losses Foreign exchange (loss)/gain |
2022 £ 41,703 (9,077) 5,000 37,626 2022 £ 1,974 |
2021 £ 191,122 56,780 (10,000) |
|---|---|---|
| 237,902 | ||
| 2021 £ (2,053) |
- 11 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
13 Investment property
| Investment property | ||
|---|---|---|
| Market value at 6 April 2021 Proft/(loss) on revaluaton Market value at 5 April 2022 |
2022 £ 295,000 5,000 300,000 |
2021 £ 305,000 (10,000) |
| 295,000 |
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 2022 is £300,000.
Historical Cost
| Historical Cost | ||
|---|---|---|
| Cost Accumulated depreciaton Carrying amount |
2022 £ 327,486 - 327,486 |
2021 £ 327,486 - |
| 327,486 |
- 12 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 14 Fixed asset investments Investments Cash in portolio £ £ Cost or valuaton At 6 April 2021 1,399,161 70,317 Additons 212,902 (212,902) Valuaton changes 41,703 - Cash withdrawn - (58,500) Dividends and interest received - 23,184 Investment management - (16,281) Foreign exchange - 1,974 Disposals (299,120) 290,043 At 5 April 2022 1,354,646 97,835 Carrying amount At 5 April 2022 1,354,646 97,835 At 6 April 2021 1,399,161 70,317 15 Debtors 2022 Amounts falling due within one year: £ Income tax recoverable 55 Insurance prepaid 2,149 VAT recoverable 2,428 Monies on account with MERJS 12,424 Property management fees 304 17,360 16 Creditors: amounts falling due within one year 2022 £ Accountancy fees 7,238 Amount due to tenant 2,149 Rent received in advance 5,860 VAT payable - Other creditors 100 15,347 |
Total £ 1,469,478 - 41,703 (58,500) 23,184 (16,281) 1,974 (9,077) |
|---|---|
| 1,452,481 | |
| 1,452,481 | |
| 1,469,478 | |
| 2021 £ 55 2,095 - 7,696 304 |
|
| 10,150 | |
| 2021 £ 20,256 2,095 5,860 2,420 6,040 |
|
| 36,671 |
- 13 -
ACACIA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
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 2021 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 fve years |
2022 £ 10,000 5,000 15,000 |
2021 £ 14,250 15,000 |
|---|---|---|
| 29,250 |
18 Related party transactions
There were no related party transactions to disclose during the year (2021 - none).
- 14 -