The Schmidt-Bodner Charitable Trust
Financial Statements
Year Ended 5 April 2023 Charity No: 283014
THE SCHMIDT-BODNER CHARITABLE TRUST
Report and Financial Statements for the year ended 5 April 2023
Contents
| Page: | |
|---|---|
| 1 | Reference and administrative information |
| 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 | |
| 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 2023
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. 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 £73,100 have been made in the year (2022: £88,000) and are detailed in note 5 of these Financial Statements.
Financial Review
The market value of the investment portfolio at 5 April 2023 was £1,877,272 (2022: £2,040,330).
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
Report of the Trustees for the year ended 5 April 2023 (continued)
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.
Trustees’ responsibilities in relation to the financial statements
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 charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any 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 accounting records which 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 and 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.
Approved by the Trustees and signed on their behalf by:
Harvey Rosenblatt Trustee
Date:
3
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 2023.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Steve Hale FCA,FCCA, on behalf of
Perrys Audit Limited
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
Date:
4
THE SCHMIDT-BODNER CHARITABLE TRUST
Statement of Financial Activities for the year ended 5 April 2023
| 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 2022 Total funds at 5 April 2023 |
2023 £ 30,225 30,225 2,818 2,892 73,100 78,810 (48,585) - (193,283) (241,868) 2,156,321 1,914,453 |
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 |
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 CHARITABLE TRUST
Balance Sheet as at 5 April 2023
| Notes Fixed Assets Investments 6 Current Assets Cash at bank and in hand 7 Current Liabilities Creditors 8 Net Current Assets Total Net Assets Funds Unrestricted Funds |
£ £ 1,877,272 40,061 (2,880) 37,181 1,914,453 1,914,453 2023 |
£ £ 2,040,330 121,187 (5,196) 115,991 2,156,321 2,156,321 2022 |
£ £ 2,040,330 121,187 (5,196) 115,991 2,156,321 2,156,321 2022 |
|---|---|---|---|
| 2,156,321 | |||
| 2,156,321 |
Approved by the Trustees and signed on their behalf by:
Harvey Rosenblatt Trustee
Date:
The notes on pages 7 to 9 form part of these financial statements
6
THE SCHMIDT-BODNER CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2023
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 managers fees |
2023 £ 30,225 2023 £ 2,818 |
2022 £ 26,167 |
|---|---|---|
| 2022 £ 3,319 |
7
THE SCHMIDT-BODNER CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2023
| 4 Support costs Accountancy fees - prior year underprovision Independent examiner fees 5 Donations payable Bayis Sheli 1113631 British Friends of Ohel Sarah 1004992 British Friends of Or Chadash 1002594 British Friend of Tzohar 1183591 Chabad Hampstead Garden Suburb 1193647 Chief Rabbinate Trust 1095878 Community Security Trust 1042391 Holocaust Educational Trust 1092892 Jewish Leadership Council 1115343 JW3 Development 1156248 Lennox Childrens Cancer trust 1011325 Magen David Adorn 1113409 Menorah High School for Girls 1091510 Noa Girls 1130834 UK Friends of AWIS 1084272 Weizmann UK Rosenblatt Mc 232666 World Jewish Relief 290767 Registered Charity No. |
2023 £ 2,364 12 516 2,892 2023 £ 10,000 - 8,000 - 10,000 - 25,000 10,000 1,800 - 500 - 1,000 5,000 1,800 - - 73,100 |
2022 £ 2,330 - 516 |
|---|---|---|
| 2,846 | ||
| 2022 £ - 3,000 5,000 3,000 - 10,000 25,000 10,000 - 5,000 - 3,000 - - - 5,000 19,000 |
||
| 88,000 |
8
THE SCHMIDT-BODNER CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2023
| 6 Investments Market value at 6 April 2022 Acquisition cost in the year Proceeds from disposals in the year Realised gains / (losses) on disposals Movement in unrealised valuation Market value at 5 April 2023 Cost at 5 April 2023 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 |
£ £ 2,040,330 30,225 - 30,225 - (193,283) (193,283) 1,877,272 173,737 2023 £ 40,061 - 40,061 2023 £ 2,364 516 2,880 2023 |
£ £ 1,918,105 18,161 (201,940) (183,779) 171,476 134,528 306,004 2,040,330 143,512 2022 £ 121,186 1 121,187 2022 £ 4,680 516 5,196 2022 |
£ £ 1,918,105 18,161 (201,940) (183,779) 171,476 134,528 306,004 2,040,330 143,512 2022 £ 121,186 1 121,187 2022 £ 4,680 516 5,196 2022 |
|---|---|---|---|
| 2,040,330 | |||
| 143,512 | |||
| 2022 £ 121,186 1 |
|||
| 121,187 | |||
| 2022 £ 4,680 516 |
|||
| 5,196 |
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 2023.
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 2023 were £2,364 (2022 - £2,330). At the year end there are fees due to BDO LLP of £2,364 currently shown in the creditors balance.
No Trustee received any remuneration, received any benefits, or was reimbursed for expenses during either
9
THE SCHMIDT-BODNER CHARITABLE TRUST Appendlx Schedule of Investments 5 April 2023 10
THE SCHMIDT-BODNER CHARITABLE TRUST
Schedule of Investments for the year ended 5 April 2023
| Units Cost Value Units Cost Units £ £ £ Experian Group Ltd Ordinary US$0.10 shares 06-Apr-22 b/fwd 69,000 143,512 2,040,330 22-Jul-22 Dividend reinvestment 714 20,528 03-Feb-23 Dividend reinvestment 306 9,697 05-Apr-23 c/fwd 143,512 2,040,330 30,225 Opening Balances Acquisitions |
Proceeds Cost Profit/Loss Units £ £ £ 70,020 - - - Disposals |
Cost Value Income £ £ £ 173,737 1,877,272 30,225 Closing |
|---|---|---|
| 173,737 1,877,272 30,225 |
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