## **The Schmidt-Bodner Charitable Trust**
Financial Statements Year Ended 5 April 2022 Charity No: 283014
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Report and Financial Statements for the year ended 5 April 2022**
## **Contents**
## **Page:**
1 Reference and Administration details 2-3 Report of the Trustees 4 Independent Examiner's Report 5 Statement of Financial Activities 6 Balance Sheet 7-9 Notes forming part of the Financial Statements 10 Appendix
## **Trustees**
Daniel Isaac Dover Martin David Paisner CBE Harvey Rosenblatt **Principal Office** 16 Caenwood Court, Hampstead Lane, London, N6 4RU **Accountants** BDO LLP, 55 Baker Street, London, W1U 7EU
## **Principal Office**
## **Independent Examiner**
Perrys Audit Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR **Bankers** Barclays Private Bank Ltd, 1 Churchill Place, London, E14 5HP **Solicitors** Payne Hicks Beach, Lincoln's Inn, 10 New Square, Holborn, London, WC2A 3QG
1
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5 April 2022**
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2022. The Financial Statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity’s trust deed and applicable law.
## **Structure, Governance and Management**
The Schmidt-Bodner Charitable Trust is constituted under a Trust Deed dated 1 July 1981 created by the settlor, Benno Schmidt-Bodner. It is a registered charity number 283014.
The Trustees who have served during the year and since the year end are set out on page 1. When there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees.
At the Annual Trustees' meeting, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.
## **Objectives and Activities**
The objects of the charity are to apply the income and capital of the trust for charitable purposes as the Trustees shall in their absolute discretion determine.
## **Grant making policy**
All applications received are considered by the Trustees on their own merit for suitability of funding.
## **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. All donations are listed in note 5 on page 8.
## **Achievements and Performance**
The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £88,000 have been made in the year (2021: £96,300) and are detailed in note 5 of these financial statements.
## **Financial Review**
The market value of the investment portfolio at 5 April 2022 was £2,040,330 (2021: £1,918,105).
## **Reserves policy**
The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required.
2
THE SCHMIDT-BODNER CHARITABLE TRUST
Rewt of the Trustees fw the year ended 5 Aprll 20221c¢)ntlnued)
Plan5 for the future
The Trustees intend to continue prtividing grants In a similar way to the rettnt past retalnln8 flexlblllty as to
the tlmlng. and scale of grant making.
Tru5teès' resp(mslbllltle5 In rèlati¢)n to the flnancial #atements
Law appllcable to charftles in England and Wales reoufjres the TfU5tees to prepare flnanclal statements for each
flnancial year vthlch glve a true and falr vlew of the charlty's flnancial activities durlng the year and of Its
flnandal ph)sltlon at the end of the year. In preparlr@ fInala1 Statements, the Tntstee5 are requlred to:
select sultable accouDtlng p)ITcles and then apply them c(ststentIY.
make Judgements and estlmate5 that are reas(ats1e arwj prtht.
state whether appllcable a(Cnting standards and statements of recommended practlce have been
followed subject to any departures dlsclosed and expialned In the flnanclal statements. and
prepare the financial statements on the goin8 concern ba51s lesS It ts Inapproprfate to presume that the
charlty VAIL contlnue In operatlon.
The Trustees are resp(s1b1e for keeplng attountlng records whlch thsclo* wlth reasonable accuracy at any tlme
the flnanclal positlon of the charlty and enable them to ensure that the flnanclal statements comply wlth the
Charltles Act 2011, the Charlty IAccounts a Rerxytsl Regulat15 and the Trust Deed. They are also responsible
for safeguardln8 the assets of the charity and hence for tskTrq reasonable steps for the preventlon and detectlon
of fraud and other Irregularltles.
Approved by the Trustees and slgned thelr tohalf ty.
ryey Rosenblatt
Tnjstee
Date:
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Independent Examiner’s Report to the Trustees**
We report to the Trustees on my examination of the accounts of The Schmidt-Bodner Charitable Trust for the year ended 5 April 2022.
## **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’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts 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.
We 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.
S Hale
Steve Hale FCA, FCCA on behalf of
## **Perrys Audit Limited**
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR 31.1.23 Date:
4
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Statement of Financial Activities for the year ended 5 April 2022**
|**Notes**
**Incoming Resources**
Investments
**2**
**Total Incoming Resources**
**Resources Expended**
Charitable activities
Cost of generating funds
**3**
Support costs
**4**
Donations payable
**5**
**Total Resources Expended**
**Net Resources Expended**
**Other recognised gains/(losses)**
Realised gains in year on the sale of investments
**6**
Movement in unrealised valuation in the year
**6**
**Net movement in funds**
Total funds at 6 April 2021
**Total funds at 5 April 2022**|**2022**
**£**
**26,167**
**26,167**
**3,319**
**2,846**
**88,000**
**94,165**
**(67,998)**
**171,476**
**134,528**
**238,006**
**1,918,315**
**2,156,321**|**2021**
**£**
27,634|
|---|---|---|
|||27,634|
|||3,037
2,866
96,300|
|||102,203|
|||(74,569)
29,571
324,142|
|||279,144
1,639,171|
|||1,918,315|
All funds are unrestricted and relate to continuing activities.
The notes on pages 7 to 9 form part of these financial statements
5
THE SCHMIDT-BODNER CHARrrABLE TRUST
Bakin Sheet as at 5 Aprfl 2022
Notes
2022
2021
Flxed Assets
Investments
2.040.3JO
1,918,105
Current Assets
Cash at bank arKI In hand
121.187
3,076
Current Llabllltles
Credltors
(5.196)
12,8661
Net Current Assets
115,991
210
Total Net Assets
2,156,321
1.918,315
Funds
Unrestrftted
2.156.321
1,918.315
Approved by the Trustees and 51wed thelr tehalf by:
Rosenblatt
Trustee
Date:
The notes on pages 7 to 9 form part of these financlal statements
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
## **1 Principal Accounting Policies**
## **(a) Accounting Convention**
The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
## **(b) Donations, legacies and similar income**
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
## **(c) Investment income**
Investment income is accounted for in the period in which the charity is entitled to receipt.
## **(d) 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.
## **(e) Costs of generating funds**
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
## **(f) 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.
## **(g) 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.
## **(h) Going concern**
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
|**2**
**Investment income**
Overseas Dividends
**3**
**Cost of generating funds**
Investment management fees|**2022**
**£**
**26,167**
**2022**
**£**
**3,319**|**2021**
**£**
27,634|
|---|---|---|
|||**2021**
**£**
3,037|
7
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
|**4**
**Support costs**
**2022**
**£**
Accountancy fees
**2,330**
Independent examiner fees
**516**
**2,846**
**5**
**Donations payable**
**2022**
**£**
British Friends of Ohel Sarah
**1004992**
**3,000**
British Friends of Or Chadash
**1002594**
**5,000**
British Friend of Tzohar
**1183591**
**3,000**
Chief Rabbinate Trust
**1095878**
**10,000**
Community Security Trust
**1042391**
**25,000**
Hasmonean High School Charitable Trust
**1068303**
**-**
Holocaust Educational Trust
**1092892**
**10,000**
Jewish Leadership Council
**1115343**
**-**
JW3 Development
**1156248**
**5,000**
Magen David Adorn
**1113409**
**3,000**
Target Ovarian Cancer
**1125038**
**-**
Weizmann UK Rosenblatt Mc
**232666**
**5,000**
Work Avenue Foundation
**1164762**
**-**
World Jewish Relief
**290767**
**19,000**
**88,000**
**6**
**Investments**
**£**
**£**
Market value at 6 April 2021
**1,918,105**
Acquisition cost in the year
**18,161**
Proceeds from disposals in the year
**(201,940)**
**(183,779)**
Realised gains / (losses) on disposals
**171,476**
Movement in unrealised valuation
**134,528**
**306,004**
Market value at 5 April 2022
**2,040,330**
Cost at 5 April 2022
**143,512**
**2022**
**Registered**
**Charity No.**|**2021**
**£**
2,350
516
2,866
**2021**
**£**
5,000
6,500
-
10,000
50,000
5,000
-
1,800
5,000
-
3,000
-
10,000
-
96,300
**£**
**£**
1,568,313
27,634
(31,555)
(3,921)
29,571
324,142
353,713
1,918,105
155,815
**2021**|**2021**
**£**
2,350
516|
|---|---|---|
|||2,866|
|||**2021**
**£**
5,000
6,500
-
10,000
50,000
5,000
-
1,800
5,000
-
3,000
-
10,000
-|
|||96,300|
||29,571
324,142||
||||
|||1,918,105|
|||155,815|
8
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
|**7**
**Cash at bank and in hand**
Barclays Private Bank Account
Barclays Wealth Savings Account
**8**
**Creditors: Amounts falling due within one year**
Accountancy Fees
Independent Examiners fees|**2022**
**£**
**121,186**
**1**
**121,187**
**2022**
**£**
**4,680**
**516**
**5,196**|**2021**
**£**
3,075
1|
|---|---|---|
|||3,076|
|||**2021**
**£**
2,350
516|
|||2,866|
## **9 Related Party Transactions**
Martin David Paisner CBE is a Partner of Paynes Hick Beach. This firm provided, and continues to provide, legal services for the Trustees. No fees were paid to the firm during the year to 5 April 2022.
Daniel Isaac Dover is a Partner of BDO LLP. This firm provided, and continues to provide, accountancy services for the Trustees. The total fees invoiced by the firm during the year to 5 April 2022 were £2,330 (2021 - £2,350). At the year end there are fees due to BDO LLP of £4,680 currently shown in the creditors balance.
No Trustee received any remuneration or was reimbursed for expenses during either year.
9
THE SCHMIDT-BODNER CHARITABLE TRUST
Appendlx
Schedule of Investments
5 April 2022
10
## **THE SCHMIDT-BODNER CHARITABLE TRUST**
## **Schedule of Investments for the year ended 5 April 2022**
|**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
Experian Group Ltd
Ordinary US$0.10 shares
06-Apr-21
b/fwd
75,338
155,815
1,918,105
16-Apr-21
Dividend reinvestment
(338)
(8,006)
02-Jul-21
Sale
3,000
23-Jul-21
Dividend reinvestment
562
17,683
04-Feb-22
Dividend reinvestment
273
8,485
21-Mar-22
Sale
3,835
05-Apr-22
c/fwd
**155,815**
**1,918,105**
**18,161**
**Acquisitions**
**Opening Balances**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**£**
**£**
**£**
85,344
22,488
62,857
116,596
7,976
108,620
69,000
**201,940**
**30,464**
**171,476**
**Disposals**|**Cost**
**Value**
**Income**
**£**
**£**
**£**
143,512
2,040,330
26,167
**Closing**|
|---|---|---|
|||**143,512**
**2,040,330**
**26,167**|
1