The Kobler Charitable Trust
Financial Statements For the year ended 5 April 2021
Charity Number: 275237
THE KOBLER CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiners' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 to 15 |
THE KOBLER CHARITABLE TRUST
Reference and Administrative Details For the year ended 5 April 2021
Charity Number: 275237 Registered Office: 5 Chancery Lane Clifford's Inn London EC4A 1BL Trustees: Antoine Xuereb Andrew Howard Stone Joanne Louise Mansfield Evans Joel Wulf Israelsohn Accountants: Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Solicitors: Lewis Silkin LLP 5 Chancery Lane Clifford's Inn London EC4A 1BL Bankers: Barclays Bank PLC 50 Pall Mall London SW1Y 5AX Investment Managers: Cazenove Fund Management Ltd 1 London Wall Place London EC2Y 5AU
Page: 1
THE KOBLER CHARITABLE TRUST
Report of the Trustees For the year ended 5 April 2021
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity's trust deed, the Charities Act 2011 and the Charities SORP 2015.
Structure, Governance and Management
The Kobler Charitable Trust is constituted under a trust deed dated 18 September 1963, created by the settlor, Fred Kobler who died on 1 November 1987. It is a registered charity, registration number 275237.
The Trustees who have served during the year and since the year end are set out on page 1. The power to appoint new Trustees is exercised by a majority in number of the existing Trustees. Where there is a need for new Trustees, this would be identified by the remaining Trustees.
The Trustees meet two or three times a year to agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to Lewis Silkin LLP solicitors (note 11).
The Trustees are either professional and/or of many years' experience in acting as Trustees. When a new trustee is appointed the existing Trustees take responsibility for induction.
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable continuous monitoring of such risks so that appropriate steps can be taken to lessen these risks.
Objectives and activities
The objects of the Trust are to apply the income and capital of the Trust for such charitable purposes in the United Kingdom as the Trustees shall in their absolute discretion determine.
The Trustees' main objectives are to maintain capital (consistent with a smooth grant giving policy) which they achieve by consistent and conservative investment to sustain income, alongside a grant giving policy which aims to balance large and small gifts, in total, broadly the same amount year on year.
Public benefit
In meeting the objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and judge that all donations made meet this guidance. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, including the guidance 'Public benefit: Running a charity (PB2)'.
Page: 2
THE KOBLER CHARITABLE TRUST
Report of the Trustees For the year ended 5 April 2021
Grant making policy
Applications can be submitted to the Trustees by charitable institutions and these applications are considered by the Trustees on a regular basis, both at Trustees' meetings and between meetings. Applications should be in writing and incorporate full details of the charity for which funding is requested. Acknowledgements are not generally sent out to unsuccessful applicants.
Achievements and performance
The Trustees have continued to support other charities within the objects clause of the Trust deed and there are no immediate plans to alter the way in which the income is expended. Grants totalling £106,391 have been made in the year (2020: £86,917)
Financial review
The Trust's income from its investments was £72,637 (2020: £103,997). The investment income was less than the prior year, but broadly consisten with year on year trends. This enabled charitable activity of £106,391 (2020: £86,917).
The Trust's investments are managed by Cazenove Fund Management Ltd in consultation with the Trustees. The market value of the investments in the financial statements has increased over the period reflecting the general position of the UK stock market. At 5 April 2021 the value of the investment portfolio was £3,003,723 (2020: £2,467,590), showing an increase of 22% (2020: decrease of 22%) to fund charitable activities over the year.
The Trustees follow a conservative investment policy with a view to maintaining the capital of the charity in a mixture of equity and bonds whilst maintaining sufficient liquidity for the Trust's foreseeable needs and donations.
The Trustees do not consider that the impact of COVID-19 has any effect on the ability of the Trust to operate as a going concern.
Reserves policy
All of the charity's funds held at 5 April 2021 amounting to £3,247,861 (2020: £2,618,347) are general unrestricted funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity.
As the charity does not currently seek funding but uses its resources to provide funding for the furtherance of its objects, it is the Trustees' policy to maintain the charity's reserves at a sufficient level to enable it to continue to provide such funding in future years. This is monitored on a regular basis by the Trustees, who review the level of reserves in the light of future funding requirements.
Plans for the future
The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing and scale of grant making.
Page: 3
THE KOBLER CHARITABLE TRUST
Report of the Trustees For the year ended 5 April 2021
Trustees' responsibilities in relation to the financial statements
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 & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
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;
-
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 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 deeds. 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.
Approved by the Trustees and signed on their behalf by:
J L Mansfield Evans Trustee
Date: 3 February 2022
Page: 4
Independent Examiner's Report to the Trustees of The Kobler Charitable Trust
I report to the charity trustees on my examination of the accounts of the Company for the year ended 05 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
Having satisfied myself that the accounts of the Company are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the accounts have not been prepared in accordance with the methods and principles of the Statements of Recommended Practice for accounting and reporting by charities.
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.
Shivani Kothari For and on behalf of Moore Kingston Smith LLP
Chartered Accountants Devonshire House 60 Goswell Road London EC1M 7AD
Date: 3 February 2022
Page: 5
THE KOBLER CHARITABLE TRUST
Statement of Financial Activities For the year ended 5 April 2021
| Note INCOME FROM: Donation - gift in kind 10 Investments 2 Total EXPENDITURE ON: Raising funds 3 Charitable activities 4 Total Net gains/(losses) on investments 6 Net income/(expenditure) Reconciliation of funds Balance at 6 April 2020 Balance at 5 April 2021 |
Total 2021 £ 3,918 72,637 76,555 16,912 106,391 123,303 676,263 629,514 2,618,347 3,247,861 |
Total 2020 £ 3,409 103,997 |
|---|---|---|
| 107,406 | ||
| 18,968 86,917 |
||
| 105,885 | ||
| (538,500) | ||
| (536,979) | ||
| 3,155,326 | ||
| 2,618,347 |
All amounts relate to unrestricted funds and to continuing activities.
The notes on pages 8 to 15 form part of these financial statements.
Page: 6
THE KOBLER CHARITABLE TRUST
Balance Sheet as at 5 April 2021
| Notes Fixed Assets Investments 6 Current Assets Cash at bank and in hand 7 Debtors 8 Liabilities Creditors: Amounts falling due within one year 9 Net Current Assets/(Liabilities) Total Net Assets Funds Unrestricted funds |
2021 £ 256,333 7,968 264,301 (20,163) |
2021 £ 3,003,723 244,138 3,247,861 3,247,861 |
2020 £ 148,383 14,292 162,675 (11,918) |
2020 £ 2,467,590 150,757 |
|---|---|---|---|---|
| 2,618,347 | ||||
| 2,618,347 |
Approved by the Trustees and authorised for issue on …………………………………………. and signed on their behalf by:
......................................................
J L Mansfield Evans Trustee
Charity No. 275237
The notes on pages 8 to 15 form part of these financial statements.
Page: 7
THE KOBLER CHARITABLE TRUST
Notes to the Accounts
For the year ended 5 April 2021
1 Principal Accounting Policies
Basis of Preparation of the Financial Statements
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published on 16 July 2014. The Charity is a public benefit group for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
Going Concern Basis
These financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the charity will continue in operation for a period of at least one year from the date of approval of the financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Investment Income
Investment income is accounted for in the period in which the charity is entitled to receipt. Income is the gross value of dividends and interest received after reclaiming any tax credits that are available.
Resources Expended
Liabilities are recognised as resources expended 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.
Costs of raising funds
Costs of raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Page: 8
THE KOBLER CHARITABLE TRUST
Notes to the Accounts
For the year ended 5 April 2021
1 Principal Accounting Policies (continued)
Fixed Asset Investments
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Charitable Activities
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
Governance Costs
Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.
Fixed Asset Investments
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Page: 9
THE KOBLER CHARITABLE TRUST
Notes to the Accounts
For the year ended 5 April 2021
1 Principal Accounting Policies (continued)
Critical accounting estimates and areas of judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Financial Instruments
Cash and Cash equivalents
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
Basic Financial Instruments
The charity only holds basic financial instruments as defined by FRS 102. Financial instruments receivable or payable within one year of the reporting date are carried at their at transaction price and subsequently at amortised cost.
Page: 10
THE KOBLER CHARITABLE TRUST
Notes to the Accounts (Continued) For the year ended 5 April 2021
| 2 Investment income Interest from UK fixed interest securities Dividends from UK Quoted entities Dividends from overseas investments Interest on cash deposits Future dated accrued dividend income 3 Raising funds Investment management costs 4 Charitable activities Amani foundation Amanda Foundation Awards for Young Musicians Autism Bedfordshire Basildon Community Resource Centre Beaumond House Community Hospice Blythe House Hospice Blue Watch Youth Centre Boys and Girls Club South Yorks CamSight CCLASP Cerebra Children's Literacy Charity Children's Adventure Farm Trust City of Birmingham Symphony Orchestra Cpotenial Douglas McMillan House Subtotal |
2021 £ 21,132 34,971 8,152 414 7,968 72,637 2021 £ 16,912 16,912 2021 £ 300 - - - - - - - - - - - - - - 300 600 |
2020 £ 30,523 53,950 5,147 85 14,292 |
|---|---|---|
| 103,997 | ||
| 2020 £ 18,968 |
||
| 18,968 | ||
| 2020 £ 500 500 300 500 300 300 300 300 500 300 300 300 300 300 1,000 - 300 |
||
| 6,300 |
Page: 11
Notes to the Accounts (Continued) For the year ended 5 April 2021
THE KOBLER CHARITABLE TRUST
4 Charitable activities (continued)
| Balance brought forward Enham Trust Fife Young Carers Garden House Hospice Giving World Greenfingers Charity Happy Days Haven House Children's Hospice Holocaust Educational Trust Hospice in the Weald Human Dignity Trust Jewish Association for Mental Illness Jewish Blind & Disabled Jewish Film Festival Julia's House Kent Refugee Action Network KeshetUK Keech Hospice Care Kids Out Kirkwood House Lennox Children's Cancer Fund MACS (Microphthalmia, Anophthalmia and Colomba Support) Mahogany Opera Group Makor Charitable Trust Marches Family Network Metro Blind Sport Mid West Kent Music in Hospital and Care Naomi Hospice National Holocaust Centre and Museum North London Hospice Open Heart Productions Ltd Peace Hospice Care Prospect Hospice Philharmonia Orchestra Princess Alice Hospice Subtotal |
2021 £ 600 - - - - - - 300 - - 50,000 - 500 10,000 - - 15,000 - - - 300 - - - - - - - - - 300 - - - - - 77,000 |
2020 £ |
|---|---|---|
| 6,300 | ||
| 300 300 300 300 400 300 600 1,000 300 - 300 - - 300 3,000 15,000 300 300 300 - 300 5,000 3,000 300 250 300 1,000 300 2,700 300 2,000 300 400 300 300 |
||
| 46,350 |
Page: 12
THE KOBLER CHARITABLE TRUST
Notes to the Accounts (Continued) For the year ended 5 April 2021
4 Charitable activities (continued)
| Charitable activities (continued) | ||
|---|---|---|
| Balance brought forward React Smallpeice Trust Arkwright Scholarships Schonfeld Square Foundation St Christopher's Hospice St Clare West Essex Hospice St Gemma's Hospice St Joseph's Hospice Starlight Children's Foundation Thames Hospice The Broomhouse Centre and Enterprises The Marlowe Trust The Mary Ann Evans Hospice Three Choirs Festival Thumbs Up Club Tiny Tim's Children Hospital The Weiner Library Together For Short Lives Treloar Trust UK Jewish Film Festival Willow Burn Hospice Woking and Sam Beare Hospice Woodlands Hospice Total donations Fees relating to administering grants Governance cost |
2021 £ 77,000 - 4,400 - - 300 - 300 - - - - - - 300 1,000 - 300 - - - - 83,600 12,534 10,257 106,391 |
2020 £ |
| 46,350 | ||
| 300 3,900 300 400 300 - 300 300 300 500 5,000 300 500 300 - - 300 - 6,000 400 300 300 |
||
| 66,350 | ||
| 10,909 9,658 |
||
| 86,917 |
Page: 13
THE KOBLER CHARITABLE TRUST
Notes to the Accounts (Continued) For the year ended 5 April 2021
| 5 Governance costs Independent Examiners' fee Accountancy fees Legal fees Bank Charges |
2021 £ 4,068 2,520 15,666 537 22,791 |
2020 £ 2,400 3,935 13,637 595 |
|---|---|---|
| 20,567 |
Trustees were reimbursed expenses totalling £nil during the year ended 5 April 2021 (2020 - £nil)
No Trustees received any remuneration during the year ended 5 April 2021 (2020 - £nil).
| 6 Investments Market value at 6 April 2020 Cost of acquisitions in the year Proceeds from disposals in the year Net cash movement in the year Realised gain in the year Unrealised (loss)/gain in the year Net gain/(loss) in the year Market value at 5 April 2021 Investments at market value comprised: UK equities UK fixed interest securities Overseas investments Historical cost at 5 April 2021 |
2021 £ 1,064,772 (1,204,902) 306,987 369,276 |
2021 £ 2,467,590 (140,130) 2,327,460 676,263 3,003,723 1,163,429 761,742 1,078,552 3,003,723 2,668,167 |
2020 £ 652,714 (816,361) 30,890 (569,390) |
2020 £ 3,169,737 (163,647) |
|---|---|---|---|---|
| 3,006,090 (538,500) |
||||
| 2,467,590 | ||||
| 1,054,682 828,386 584,522 |
||||
| 2,467,590 | ||||
| 2,834,376 |
Investments representing 5% or more of the portfolio are disclosed below:
| Portfolio % | Market Value | |
|---|---|---|
| £ | ||
| Findlay Park American Fund | 6% | 169,946 |
| Charities Property Fund | 9% | 271,561 |
Page: 14
THE KOBLER CHARITABLE TRUST
Notes to the Accounts (Continued)
For the year ended 5 April 2021
| 7 Cash at bank and in hand Barclays Bank plc: Current account Business Premium account Lewis Silkin LLP: Client account Cazenove Capital Management Ltd: Income account Capital account 8 Debtors Investment income receivable 9 Creditors: Amounts falling due within one year Accruals Creditors |
2021 £ (1,500) 217,776 1 539 39,517 256,333 2021 £ 7,968 7,968 2021 £ 13,767 6,396 20,163 |
2020 £ (600) 66,894 1 1,007 81,081 |
|---|---|---|
| 148,383 | ||
| 2020 £ 14,292 |
||
| 14,292 | ||
| 2020 £ 11,918 - |
||
| 11,918 |
10 Related Party Transactions
J L Mansfield Evans, a trustee, is a Partner of Lewis Silkin LLP. This firm provided, and continues to provide, legal services and general management for the Trust. Lewis Silkin LLP discounts its fee to the Trust by 25%. The total fees (including VAT and disbursements) paid to the firm during the year to 5 April 2021 were £11,750 (2020: £10,227). A gift in kind of £3,918 (2020: £3,409) was recognised during the period, as a result of the discount provided. There was £1 held by the firm in a client account as at 5 April 2021 (2020: £1). An amount of £2,714 (2020: 938) was owed to the firm by the charity as at 5 April 2021.
11 Key Management Personnel
Key management personnel includes the Trustees. The total remuneration to the Trustees was £nil (2020: £nil), however Lewis Silkin, of whom Trustee J L Mansfield Evans is a partner of as mentioned in Note 10 to the financial statements, were reimbursed £11,750 (2020: £10,227) for their services.
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