2021-03-31-accounts

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Charity Numlxr.. 286525 The Ofenheim Charitable Trust (Under De¢d Dated 2 February 1983) FINANCIAL STATEMENTS for the year ended 31 March 2021

The Ofenheim Charitable Trust CONTENTS Page Legal and &dministraiive infornialion Trustee5' Rewrt Independeni Auditors. Report and opinion Statement of Financial Activities Balance Sheet 10 Statement of Cash Flows Notes forming part of the Financial Statements 12-19

The Ofenheim Charithble Trust LEGAL AND ADMINISTRATIVE INFORMATION for the y¢ar ended 31 March 2021 OBJCCTS The fom)al objects are detailed in th¢ TrLTrSI Deed dated 2 february 1983. TRUSTEES Roger Jackson Clark Rory MrL¢od Triona Caroline Byrd Altxander Sitnon Clark Chartered Accountant Retith Sio¢kbroker Busincss Dcvclopmeni Manager Uniwersily Lecturer and Researcher PRINCIPAL OFFICE RSM UK T&¥ and Accounting Limil¢d The Pinnacle 170 Midsumm¢r Boul¢vaTd Milton Keyn¢5 MK9 IBP STATUTORY AUDITORS Myers Clark Chanered Accountsnts and Ststutory Auditor EgaJ¢ I 80 Si Albans Road Watford Herts WD17 IDL BANKERS Naiwesi Bank PIC I Princes Sire¢i London EC2R 8PA INVESTMENT MANAGERS Brewin Dolphin 12 Srnithfi¢ld Sireel Lond¢n ECIA 9BD CHARITY REGISTFRF.DNUMBER 286525

The Ofenheim Charitable Trust TRUSTEES, REPORT for the year ended 31 March 2021 The Trusiees present (heir report along with the financial 5tatcrnents of the charity for ihe year ended 31 March 2021. "lThe financial slatement5 have been prepared in accordance with ihe accounting FN)lici¢s set out on page 12 and 13 and comply with the eharity's trust dE¢d, tht Charities Act 201 1 2nd the Accounting and Reporting by Chariiie5." Siatemertt of R¢tomm¢nded Practic¢ applitabl¥ to charitlES pr¢paring thrir dttvunis in accordanc¢ wilh ih¢ Finan¢ial Rep)rting Standard applicable in the UK and Republic of Ir¢land IFRS1021. STRUCTURE. GOVERNANCE AND MANAGEMFNT Th¢ Ofenh¢iTn Charitable Trust Is a r¢8151¢red tharityy registration nutnbrr 286525. It W25 sei up by thr founder. Dr Angela Ofenheirn, by a deed dated 2 February 1983. The d¢ed gives ihe Irusttts Ihe obligation io disiribute the income and the ptswer to distribu¢¢ the capitsl to any charitable objeci or io any chariiabl¢ purpose al Ih¢ir discretion. The trustees receive no remuneration for their work and ihe Tnjst is reliant on their continued support. CIIARITABI.E STRIICTIJRI. The power orpintIng n¢w Trustees is vested in Iht ¢xisting trusi¢es. The Truste¢s have nts office; accountancy and other service5 are provided by thEir accountants RSM UK 'I'ax and Accounting Limited. Nw TtU$ are provided with information from the Charities Commission in r¢8ard to their dutie5 as Trusi¢¢s. Tnjstees arr kcp( informed of any regulatory upjatrs as and when required in the fomi of circulation of information from the ChariLy Cornrnis5ion or third party advisors. Additional trdining is provided if needed on an ad-hoc basis. OBJLcfivLS AND ACTIVITILS The only activity of th¢ tru51 15 to disLribute lis incomE to d¢5¢TvinB caus¢s. Its obj¢ctiv¢ is to find suitablr Charities tu re¢Eive ihis in¢om¢ particularly charities that support the care and welfare of th¢ elderly and Childrtn, run hospitrs, protnote rnedi¢al sEarch, musie. ¢ducation and ihe arts and preserv¢ wildlife. The trust¢¢s are particularly int¢rested in small charities that meti their 8eneral parameters and of which they have particularand clos¢ knowledg¥", also in causes relatin8 to E&st Sussex whtJe th¢ Found¢r was resident. AC'HIF.VEMENTS AND PERFORMANCF. In the last twelve years ihe imst has awarded grants tovdlling more than £5 million. A list of the 72 12020.. 711 granis tnadr durin8 thr year iotalling £514,000 12020.. £499,500) is giv on pages 17-18. These organisations have be¢n asked to report back so ihat Ih¥ir ¢ffectiveness can be assess¥d and luiur¢ gfdnt-making infomied. FIN,ANCIAI. REVIEW AN'D INVESTMEN'F POLICY l-h¥ financial activiiies for the y¢ar are detailed on pa8e 9. The intome d¢cr¢ased by 5Y• w £492.080 fr¢)m £515,470 in the year 10 31 March 2020. Reserves carried forward are £l8.192,15212020.. £14,231,226). The 'ftU51 is eniirely depend¢nt on thy retums trom its investment wrtfolio and dor5 not engage in any fundr2ising atlivities. The invtstmeni policy Is and always has been to maintain a reasonablc balance between irtCOTne and capi1 and to accept a moderate dtgree OF risk and ihe mandate gifven to the Investrnent managers reflects ihis policy. Puformanc¢ is m¢asur¢d againsi a sp¢cially constrncicd b¢nchmark of UK fix¢d int¢resL 209¢,. overseas fixed interest 50/0 UK ¢quit)es 51.50/0,. ov¢r5eas equities 17.5010,. property 3.50/0 cash 2.5Vo. Th¢ owerall time-weightsd rate of reiurn on the fijnd for Ihe year was 32.8% compared with the benchmark of 19.90/0 mainly ivaus¢ th¢ fund was underw¢i8hL in knnd5. "Fhi5 compares with th¢ 24% avera8¢ r¢turn shown by ARC Consultsnts on the "steady growih. portfoltos that they monitor and 25.3Yo shown by th¢ Teknomelry CIG Charity Fund Universe. Due lo thE Covid-19 pandernic, Ihe market wa5 very at 31 March 2020, since then il has recovered strongly and the value of the ¢apital fund increased from £13.871,234 tts £17,880.885, more than rnaking up the reduction in the previou5 y¢ar.

The Ofenheim Charitable Trust TRUSTEES, REPORT for the year ended 31 March 2021 PI.ANS FOR TFIF FUTURE The TruS£S have no plans w change their strategy. They will consider all applicaiions for grts and make awards as they See fit. The airn of th¢ TruseS for the next year is to ¢onLinue makin8 donations th warious charities. The Tru51ees have considered the EK)tential irnpacl of Covid-19 on the charity's ability to eontinue as a going eoncern and are comfortable Ihai iht tharity can conlinue as a goin8 concern unaffected by the worldwide pandemic. il ne¢e5sary by reducin8 OUt8oin8 8rants to chariiie5. RF.SERVF.S POLICY As sta*d previously il is Lhe trusiees, w)licy to distribute all income and they do not consider il neceary to rnaintain any tncome reserves as such. It is their policy LO maintain the Capital Fund (referred to as Endowrnent Fund in ihe5e accounts) in order to generate income for donaiions. bui oiherwise not to mainlain any capital Teserves. At 31 March 2021 Ihe trust's unrestricicd funds wcre £18.192,152 12020.. £14231,2261. ofihi5 arnount £17,831,977 {2020.. £13,817,496) can only be reali5e4J b) disposing of managed invesiments. The I'ru51ees continue to moniloT the level of reserves. GRANT MAKING POLICY The Trusiecs, wlicy has been to provide re8ular support for a nurnber of charities and to restMTrnd to one-off appeals to bodies where they have some knowledge. It continue5 tts be their rrt>li¢y to support Charities irt bast Sussex bttause of the foundeffs &ssociation with thai area. Thc objective that the Tru51ee5 have alway5 set them5elve5 is to give away th¢ in¢ome of the charity PTompily to Organisations who will make good use of the rnoney and who need it. In de¢idin8 whith ¢hariiies to benefit the Trustees favour causes ¢0 which they ihink the lounder would have ivn favouTablt. The list of charitits which have benefitted and the faa thai ihere is only a few months, incotne in hand give the TTUStees 8rourtds for believin8 thal Ihey have achieved ihese objectives. The Truse$ h2ve tonsidered the impact of Covid-19 on the charity and have concluded IhaL as the pritnary aciivily ofthe charity IS grani rnakin& the chariiy can reduce Ihe number of grant5 if income levels were 10 12Jl or keep reserves at a suitable level. PUBLIC BENEFIT The principal aciivities of the Trust exist for public benefJL The Trustees confimi thai. to Ihe best of Iheir knowledge and belief. Ihey have Compli with 8uidance Publish by the Charity Cornmission with respect to having due rcgatd lo public benefiL GOING CONCERN The I'rustees are not aware of any maieri21 unccrtainiies related to events or conditions that may cast Sl8nificant doubt atx)ul the 2bility of the chaTlty to continue a5 a 80in8 concern and have a reasonable txpectaiion that the charity has adequate resources to coniinue in operdiional existence for the foreseeable future. In parti¢ul¥. the Trusiees have o)nsidered the impacL of Covid-19 on the charity and have concluded that, as thr primary activlty of the eharity Is grant making. the charity can reduce ihc number of grants if income levels were to fall or to kttp serves ai a suitable lewel. In the view of the Trustees. the chaTlty ha5 Sufficient re5erve5 to continue in operation for at leasi twelve months after the approval of the financtal staiements. Thus they continue to apt the goin8 ¢on¢em ba51s of accountin8 In PTeparin8 ihe annual financial staiements. PRINCIPAI, RISKS ANf) UNCERTANCIFS The major risk io which the trust is subje¢i, like any oiher investor, is the risk thai investments wll noi do well. The trustees guard ag2inst this Tisk by hawing 2 widely diversified equity portfolio and by havin8 a proportion of the funds in UK Govemmeni and other fixed ineome securiiies. Investment risk is mitigated by retainin8 experl investrntnt managers and appropriately experienced Trustees as well as havin8 diversified portfolios.

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INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OFENHEIM CIIARITABLE TRUST for the year ended 31 March 2021 Opirtion We have audited the financial st2ternents ofthe Ofenheim Charitable Trust I'the tharity'l for the year ended 31 March 2021 which comprise the statcrnenl of financial activilies. balance shed. statement rash flow5 and noks to the rinancial Stsl¢rnents. including 518nificanl accounting p)licies. Th¢ financial ryrting framework tha¢ has been applied in their Preparation 15 applicable law and United Kingdom Accounting Stand&Td& includin8 FRS 102 The Finan¢ial Rewrting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pr¥ticel. In our opinion, the finan¢ial staiements.. Give a irue and fair view of the State of the charily's afTairs as at 31 March 2021 and of it5 incomin8 resources and appli¢a¢ion of resources, foT the year then ended. Ilave been propeTIy PTewed in a¢cordan¢e with lJnited Kingdorn GeneTally Accepted Accountin8 Practice. and Have been prepared in accordance with the requirements ofthe Charities Acl 2011. Basls for opiniort We conducted our audit in accordance with International Standzrds on Auditing IUKI IISAS {UKI} and applicable law. Our re5pon51bilitie5 under those standards are further described in the Auditor's responsibilitics for the audit of the rinancial stai¢rn¢nts s¢clion of our report. We are independent of the charity in accordance with the ethical requirements thai are relevant to our audit of the financial 5tateTnents in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other eihical restM)nsibilities in a¢¢ordance with these reqUIrnents. We believe that the audit evidence w¢ have obtained is surrtcieni and appropri*¢ tu prokide a basis for our opinion. Conclusions relatlng to golng toneern In auditin8 the financial 5tatetnenls. we have ron¢lud¢d that the tru5te¢s' use ofthe 80in8 concern basis of accountin8 in ¢h¢ preparation of the financial staternents is appTopriate. Based on the work we have perfomled, we have not identified any material uncertainiie5 relating to events or conditions thaL individually or collectively. may cast Sl8nifJcani doubt on the charity's ability to continue as a going ¢oncern for a period of at least 12 months from when the financial s¥¢ement5 are authorised for issue. Our responsibilities and the r¢sponsibilities of the trustees with respect to gotng ¢oncern arc described in the relevant sections of this report. Other inforjnation The other Infomaiion ¢omprise5 ¢h¢ infomiation Includ in the annual reFrt>rt, including the tru5¢ee5' report. other than the financial statements and our audi¢or's p)rt ihwe()n. The trustees are 5)nsIble foT the other infortnation contained within the annual report. Our opinion on th¢ finan¢ial st8ments d0¢5 not coveT the other infor5na¢ion and. exce5X to the extent otherwise eKplicitly stated in OUT re we do rtot express èny fomi of assurance ¢on¢lusivn thereon. Our responsibili(y is io read the other information and, in doin8 so. consider whether the other infomialion is m2terially inconsisl¢nl with the financial stslemenls or our knowledge obtain¢d in th¢ course of the audit, or otherwise aPar$ to be materially mi55tated. If we ideniify such material incon515tenci¢s or apparent material misstai¢m¢nts, we are required to determinc whethu this 8ives rise to a material misstatement in ihe financial sratemeftts themselves. If. tosed on the work we have rfOrned, we conclude that there is a material misstatement of this other infornation. we are required to report ¢hai fact. We have nothing to rep)rt in this regard.

INDEPENDF.NT AUDITORS, REPORT TO THE TRUSTEES OF THE OFENIIEIM CIIARt'I"ABLE TRUST for the year ended 31 March 202 I Matter on which we are required to report by exception In the lighi of the knowledge and underswiding of the ¢harity and its enwirt)nmerti obtained in the ¢ourse of the alldiL we have rtot ideniified material mi$strments in the trllsw. rewn. We have nothing to rep)rt in re$peti of the following m2tters in relation to whith the Charities Aci 2011 requires us to rewrL to you if, irt oyr opinion". The informatlon 8iven in the rep)rt of the Trustee5 1$ IllCOn5istenl in any material respeci with ihe financial slatemenL5' or Sufficient accounting records have not been kepi,. or The financial swements are noi in agTeemeni with the aon11ng rrd& or We have noi re1Ved all ihe infomiaiion and explan&iotts we require for our alldii. R¢spot)sibllitle5 ofTru5t¢¢s As explained more fully in the Sthtement of Responsibilities of the Trustee5 set out on page 4. the Trustees are reswnsible for the preparation ofthe financial statement5 and for being satisfied that they give a true and fair view. and for siich inlernal cuntiDI as the Tnistees det¢rrnine is ne¢essaTr to enable the prwgration of financial statem¢iits that are Free from material miss[antnt. whether due tts frnud or eTftsT. In PTeparin8 the financial statements. the Trnstees are responsible for assessin8 the chaTity'5 ability to continue as a going concern. disc105ing, a5 applicable, matters related to going collcern alld using lh¢ going concern basis of accounting unless the Trustees either intend to liquidate thc Charity or to cease tsperation5, Or have no realistic ajiemative but io do $0. Awditor'$ tt$pon$ibilities for th¢ #udit of the fin#ntial $t•t¢m¢nt$ Our objeciives are obtsin reasonable assurance aboui whether the financial statements as a whole are free fn)m matrrial misstatemenL, whether due io fraud or error, and to issue an audiLof"5 rep)rt that includes our opinion. Reanable assurance 15 a high level of &85urance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detecl a material mi55tatement when it exists. Misstatements can aris¢ from fraud or eor and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on ihe basis of these financial statements. ITregulaTities, in¢ludiTtg frdud. are instances of non-thmplian¢e wilh laws and regulations. We design procedures in line with our re5ponsibilitie5. ou111n above, detl matcrial mi55tatemcnts in re5peci of irrcgularilie5, including fraLtsJ.'fhe extent to which OUT procedure5 are capable of detecting irregularities. illcluding fraud is detailed below.. The extent ¢0 which the audit was ¢onsidered ¢8ble of det¢¢ting irreglllarities including fraud Irt identifying and assessing ihe risks of materi21 rnisstatemenl in respe¢t tsf iTregularitie5, including fraud and ntsn- compliance with laws and regulations, we considered the followin8,' The nature ofthc industry and se¢tor, ¢ontToI environment ansj peTforman¢e' results of our enquiries tsf Managemeni abtsui iheir tswn identifi¢ation and assessmeni ofthe Tisks tsf irregularities-

INDEPENDENT AUDITORS, REPORT TO THE'FRUSTEES OF THE OFENHEIM CHARITABLE TRUST for the year ended 31 March 2021 any matter5 we identified having obtained and review ihe charily's dowmentaiion of their poli¢ies and pro¢edure5 relating to. identifyin& evaluating and complyin8 with laws and regulation and whether they were aware of any instances of non-cornplianee. d¢lecting arld responding io the risks of fraud and whether they have knowledge of any actual, suspea¢d or alleged fraud. the internal controls esthblished mitl8ate risk5 of frdud or non-complianc¢ with laws and regulation4 the matters discuss amon8 the audit engag¢m¢nt team regarding how and where fraud might in ihe financial statements and any potential indicators of fraud. A5 2 result of ihe5e procedures, we cortsidered the OPFX)rtunities and incentives that rnay exist within the organisation for fraud. In ¢ommort with all audits under ISAS IUKI, we are also required to perfomi specific procedures to respond to the risk of manag¢m¢n¢ override. W¢ also obtained an undeJ3tanding of Ihe legal and gulary frameworks that the ¢harity operates in. focusing on prowistons of those laws and regulattons thai had a direct effect on the determination of material amounts and disc105ures in rhe finan¢iAI staiements. In addition. we wnsidered provisions of other laws and regulatlOll5 that do not have a direct effeci on the financial siaiements but ¢0mplian with which may k fundamental to the charity'5 ability to operate or w avoid a Mella] penalty. Audit r¢sport$e to ri$k$ idtntifi¢d To address the risk of fraud ihrou8h managernent bias and override of controls, we.. perfornied gnalytical PTocedure5 to identify any unusual or unexpecd relaiion$hips,' tested journal entrie5 to identify unusual trdnsactions., assess wh¢th¢r judgernents and 8$5umptioll5 mad¢ in d¢iemiining Lhe a¢¢ounting e$iimates were indicative of potential bia5.' and inv¢5tigated the rntionale behind significant or unusual transactions. In sponSe to ihe tysk of irregularities and non-cornpliance with laws and regulaUon5. w¢ designed procedures which included, but were not limitrd to.. agreeing f1nan¢ial Stamertt disclosures to underlyin8 SUPPQrtin8 docurnentation. readin8 the rninuLes of rn¢ain8s of those charged governance., and enquiring of mana8erneni a5 to actual and wt¢ntial litigation and claiTns There are inhereni limitaiions in our audit procedures described above. The rnore rernoved that law5 and regulations are from financial irnDsactions, Lh¢ less likely it is thai w¢ would becom¢ aware of non-cornpliance. Auditing standard5 alsy) limit the audii procedures required to identify. non-eompliance wilh laws and re8ulation5 enquiry of the diT¢ttors artd oiher manag¢meni and the irtspeciion of regulatory and legal correspondence, if any. Material rnisstaments that ar15e due io frdud can te harder ro de¢e¢t than those that arise frorn error as they may involv¢ d¢lib¢rate concealmen¢ or collusion. A further descriplion of our responsibilities for th¢ audit ofthe financial staternents is located on the Financial Reporting Council's website ai.. www.frc.org.uklauditorsrespon5ibilitle5. This description fomis pan ofour auditor's rerort.

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES, OF THE OFENHEIM CHARITABLE I"RUST for the year ended 5 April 2021 Use of our report This report is made solely to the charity's irusle¢5, a5 a body, in aCCordce with the Charlties Aci 2011. Our audit work has been undenaken 50 that we might stale lo ihe Irustee5 those matters we are required State to Ihetn in an auditor's and for no oiher purFK>5e. To lh¢ fullesl extent permitid by law, we do no¢ accepl or assume r¢sEK>nsibilily to anyone other th8D ihe ¢harity'S truste& as a body, foT our audii work, for thi5 reEx>rt. or for the opinions we have fomied. Mytsfs Cla Myers Clark (Statutory Auditor) Egalt I BO St Alb8ns Road waOrd FlertS WD17 IDL Dat¢". 31-Jan-2022

The Ofenh¢im Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021 Unrestrieted Fund Income Fund Note 2(121 Totsl 2020 Total Endowment Fund Income Investments Income from UK government securities In¢ome from UK fixed interest stocks Income from overseas bonds Dividends from UK equities Dividends from overseas equities Income from global investtnerkts In¢om¢ from property stocks In¢om¢ from privaie equity sio¢ks Bank deposit int¢rest 6.432 38.716 10,639 314.086 59,072 9,860 26,136 27.046 93 6.432 38.716 10,639 314,086 59,072 9,860 26,136 27.046 93 7,309 45.927 9,891 318,342 56,816 11.899 29,341 34.519 1,426 Total income 492,080 492,080 515,470 EXPedi1Ure Raising funds: Inv¢stment management costs (69,528) (69,528) {79,393) Charitable activities: Distributions to charitable Erf)dies Grants Support costs Accountan¢y Charges Audit fees Bank ¢harg¢s Total exlrndiiure 12 {514.OW) (514,0) (499,500) (22,380) (22,380) (4.320) (4.320) (75) (75) (540,775) (610,303) (27,539) (4,200) (75) (610,707) 69.528) Net expenditure aTrd net movement in fund5 before gains and losses on invostmeTrt {69,528) (48,695) (118,223) (95,237) Net Gainsl(Lo$ses) op investments 4,079.149 4,079.149 (1,983,857) Net movement in funds 4.009,621 (48,695) 3.960,926 (2,079.094) Re£onciliatioTr of funds Total funds brought forward at l April 13,871,234 359,992 14.231,226 16.310.320 Tal funds Carried fonrd at 31 March 9 17,880,855 311,297 18,192,152 14,231.226

The Ofenhcim Charitable Trust BALANCF. SHEET for the year ended 31 March 2021 Note 2121 Total 2020 Total Fixed Assets Investments 17,831,977 13,817.496 Current Assets Debtors Cash at bank and in hand 135,219 237,256 372,475 62,852 854,318 917,170 Creditors- amounts falline due within one year (12,300) (503,440) Net current assets 360,175 413,730 Total Net Assets 18,192,152 14,231,226 The funds of the charity: Unrestricted Funds.. Endowmeni Fund Income Fund 17.880,855 311.297 13,871,234 359,992 18,192,152 14,231,226 Approved by the Trusiees and authorised for issue and signed on their behalf.. Roger Jackson Clark . Rory McLeod Date= 2610112022 The notes on pages 12 10 19 forn part of these fiTHncial statements. 10

The Ofenheim Charitable Trust STATEMENT OF CASI4 FLOWS for the year ended 31 March 2021 Note 2021 Total 2020 Total Operating activities: Net cash used in operAting activities 13 (1.084.044} 140.536) Investing activities: Dividends and interest from invesmients 466.982 526,941 Net $ from Investlng a¢Uvl¢tes 466.982 526,941 Change in cash and cash equivalents in the reporting Feri 1617,062> 486.405 Cash and cash equivalents at l April 854.318 367.913 Cash and ¢h equivalents at 31 March 13 237.256 854,318 Relating io.. Bank tAlan¢es included in "cash at bank and in hand" 237.101 368,818 Money held by agents in client money account on behalf of the charity included in "cash at bar and in hand" 155 485,500 237,256 854,318

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 l Aceountlng Policies {a) General information The trust 15 an unincorporated charity registered in England and Wales. Th¢ principal office address is RSM UK T2x and Accounting Limit¢d, The Pinnacle, 170 Midsummer Boulevard, Milton Keyne8, Bucks. MK9 1 BP. (b) Basis of accounting The financial staternents have been prepared under the historical cost eonvention: modified by the revaluaiion of investments. The financial sla(¢ments have been prepared in a¢cordanc¢ with the St2teTtt¢nt of Recommended Practice.. 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) <efftIVe January 2019) and the Charities Act 2011. The account5 {financial statements) have been preparcd to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) RulationS 2008 only to th¢ ¢xl¢nt r¢quired to provide a 'tnJe and fair view,. This departure has involved following Accounting and Reporting by Chariti¢5 preparing their accounts in accordance with the Firwlcial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in October 2019 rnther than the Accounting and Reporting by Charitie5.' Statement of Re¢omTTJended Prdctice effective from l April 2005 which has since been withdrnwrt. The charity constitutes a public benefit entity as defined by FRS 102. Monetary amounts in these financial stsiements are rounded to the nearesi whole £. (c) Income Dividends are rewgnis¢d once the dividend h&s been d¢clared and notification has been received of the dividend due. Inveslment incoTne is accounted for in lh¢ pcriod in which th¢ charity is ¢ntitl¢d lo i¢c¢ipt. (d) Expenditllre Liabilitie5 are recognised as expenditure as soon as there is a legal or constructivc tsbligation COTnJnitting the charity to that ¢xp¢ndiluT¢, it is probabl¢ that 5ettlrThent will k r¢quiied and th¢ amount of the obligation can be measured reliably. Expendilure includes any V A T which cannot be fully re¢overed and is reported as pan of the ¢xpendirur¢ to whi¢h it Telafrs. Granis payable are charged in the year when the offer is conveyed to the recipient. Expenditure on charitable activities include thos¢ incurT¢d in the govemance of the charity and ils assets and are primarily associat with constitutional and statutory requirements. Total govemance costs for the year were £13,420 (2020= £1 J,200). Expenditure on rdising funds consist entirely of investment management f5. (e) Fixed asset investments Investments are a forni of basi¢ financial instrument and they are initially recognised at their trdnsaciion vue and subsequently Measu at their fair value &$ at th¢ balance sheet date using th¢ir closing quoted market price. 14oldings in listed UK entities, bonds and listed overseas equities and securities valued ai bid price. The Staiemeni of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The trust does not acquire put options. derivatives or other complex financial instruments. The main fom) of risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular Secto or sub sectors. 12

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 l Accounting Polici (continued) (f) Funds The Income Fund 15 unrestricted so that the trustees are free to use it for any purpose in lurtheran¢e of the charitable objects. There are no designated funds. The Endowment Fund represents those assets, prin¢ipally investsnen4 which are held by the Charity io g¢n¢rate income and the Income Fund represents the incom¢ on the Endowment Fund. The trustees are obliged to distributs the income and have power to distribthe Ihe capital. (g) Going concern The Trustees are not aware of any material uncertainiies related to events or conditions that may c&sr signifi¢ant doubt about th¢ ability of th¢ charity to continu¢ as a going concem and have a reasonable expkctation that the charity has adequate resources to continue in operational exisience for the fores¢¢abl¢ futur¢. In particular. the Trustees have considered the impact of Covid-19 on the charity and have concluded that, as the primary activity of the ciwity is grant makin& the charity can reduce th¢ number of grant5 if income levels were to fall or to keep reserves at a suitable lev¢l, In th¢ view of the Trustee& the charity has sufficient reserves fo coniinue in operation for at least twelve months after the approval of the financial statements. Thus they coniinue to adopi ihe going con¢¢rn basis of accounting in preparing the annual financi21 statements. (h) Gr¥nts The trusi made chariiable grants during the year of £514,000 (2020.. £499.500). All grdnts in 2020 and 2021 were payable to institutions. (i} Financial instruments Financial instruments are ¢lassifi¢d and account¢d for according to the substance of the contractual arrangement as financial assets or financial liabilities. Financial se1S The trust's financial assets comprises inv¢stments in a managed investment portfolio (refer to investment accounting policy), Brewn t)olphin capital account, and other debtors. Other debtors are initially measured at the trdnsaction price less any amounts settled and are subsequently carried at amortised cost. Financial liabililie& Basic financial liabilities comprising of accruals and grants payable are initially m¢asur¢d at transaction price and subsequently m¢asured at amortised ¢osL being the transaction price less any amounts s¢ttled. (i) Critie*l ¥¢eounting estim4tes #nd gssumptions The trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition, seldoTn equal the related actual results. The Trust¢es do not consid¢r there to be any estimates and assumptions that have a significant risk of CalAg a material adjustment to the caTrying amounts of assets and liabilities within the n¢xt financial year. 13

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 2 Auditor's remuneratitsn 2021 2020 Fees paid ihe to the tn15t's auditors during the year were as follows- Statutory audit fees 3 Trustee Remuneration No Trustee e]Ved any reTnuneration or 1Mbur5¢[ent for iravel exp¢n5es (2020.. £nil). The Trustees are considered to be the key management personnel of the charity. No staff were directly employed during the year (2020.. Nil). 4 Tax¥tion The charity is exempt from tax on income and gains falling within section 466 to 493 of the Corporation Tax Act 2010, 10 the extent that these are applied to the ¢harilabl¢ objecis. fj Fixed Asset Investments- M8n8ged Funds Total 2021 Total 2020 FAIT VAliie. At l April Additions at ¢o%t Disp)sals at canying value Net gainllloss) on revaluation 13.618,259 1,714,391 (1,442,353) 3.711.977 17,602,274 15,436,232 1.797.940 (1,550,372) (2,065,541) l J,618.259 Cash held on invesiment 229.703 199,237 At 31 March 17,831,977 13,817,496 The historical cost of the investments at the year end was £l1,522.829 {2020: £10.924.422). The Trust's investment5 are Tnanaged by Brewin Dolphin. The investsnents are held in a portfolio designed to meet the Trusiees, investment policy io maintsn a reasonable balance between income and capital grO¥h and to accept a moderate degree of risk. The value of the investmenl portfolio analysed by investment holdings is as follows- Listed securities comprise.. 2021 2020 UK government securities UK fixed inleresi stocks Overseas bonds UK equities Overseas equities Global investment5 Pmperty Private equity 345,987 1.492,863 210,243 9,476,955 3.994.290 794.712 660.706 626,518 353.982 1,246.629 178,365 7,138,085 3.130.694 525,518 553,996 490,990 17,602,274 13.618.259 14

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 Flxed Asset Investments - Managed Funds {¢ontlnued) No individual investment is considered material in the context of the investmeni portfolio. Asset sale5 and purchases a rerognised at the dat¢ of trade at cost (that is their transaction value). The significance of the financial intruments to the ongoing financial sustainability of the Trust is considered in the Financial Review and Invesiment Policy section of the Tru5tees' Report. Debtors 2021 2020 Other debtors Accrued income 52.129 83,090 135,219 62,852 62.852 Creditors- amounts falling due within one year 2021 2020 Accruals Gryants payable 12,300 17,940 485,500 12.300 503,440 Analysis of net assets between funds Endowmertt Income fund fllnd Total Fixed asset investments Current assets Creditors - amounts falling due within one year 17,831,977 48.878 17,831,977 372,475 (12,300) 323.597 (12,3(Kp) Net assets at 31 March 2021 17,880.855 311,297 18,192.152 ComparAtiv¢ analy$i$ of n¢t gss¢ts between funds Endowment Income fund fund Total Fixed asset inveslments Current assets Creditors- atnounts falling due within one year 13,817,496 53,738 13,817,496 917.170 (503,440) 863,432 (503,440) Nel assets at 31 March 2020 13.871.234 359,992 14,231,226 15

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 9 Movement in funds l April 2020 Expenditure Other gains JI Mareh 2021 Endowment fund 13,871,234 Income fund 359,992 (69.528) (540,775) 4,079.149 17,880,855 311,297 492.080 14,231,226 492,080 (610,303) 4,079,149 18.192,152 Comparative movement in funds April 2019 In¢ome Expenditllre Other losses 31 IVAarch 2020 Endowment fund 15,934,484 Income fund 375,836 (79,393) 1531,314) (1,983,857) 13,871,234 359,992 515,470 16.310,320 515,470 610.707 (1,983,857) 14,231,226 The unrestricted funds aTe available lo be speni for any of ihe purposes of the Charity. The Endowment Fund represents the assets given to this trust by Dr Angela Ofenheim in her lifeiime and from her estate including assets transferred from an earlier charitable irust made by her of the same name. The only restriction on its use is thal it ha5 be used for charitable purposes. 10 Comparative information for total lunds 2020 2020 2020 Total Endowment Income Income from investments 515,470 515,470 Expenditure on ra15ing funds Expenditure on charitable a¢iivities Loss on investments (79.393) (79,393} {531,314) (1,983,857) (531,314) (1,983,857) Net movement in funds (2,063,250) 115,8441 (2,079,094) I l Related party transactions There have been no related party transactions during the current or prior reporting periods. 16

The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 12 Grants 2021 2020 Souihem Thailand Elephani Foundation Barnardo's Royal Trinity H05pice Trinily - Laban Con5ervaloire of mlC and Dance Art Fund (previously Naiional Art Collections Fund) Th¢ Children's So¢iety Fri¢nds of th¢ Eld¢rly Help Musicians UK Macmillan Cancer Support Marie Curie Cancer Care National Youth Orchestra of Great Britain Queen Elizabeth's Foundation Saini Mungo's Salvation Am)y Trust Scope Stroke Association The Hepworth Wakefield St Wilfred5 H05pice Ea5tbourne Alzheim¢rs R¢soTch Trust Canine Partners for Independence Coram Family Su1¥8] Pack Appeal Cnjsaid (Terrdnce Higgins Tnjsl) Elizabeth Finn Trust Enham Trust Firsi Story Glyndebourne Arts Trust Gr¢ater London Fund for rhe BIITKI H¢l¢n and Douglas Ilous¢ King Edward Vll Hospital Sister Agnes L'Arche Longford Tntsl Motor Trkurone Disease Association Nalional Council of YMCA National Society for the Prevention of Cruelty to Children National Tr1 National Youih Choirs of Great Britain Rhythm Studio Foundation Save ihe Children Fund Shipston Ilome Nursing 25.000 15,000 15.000 14,000 12,000 12,000 12,000 12,000 12,000 12,(X)O 12.(X)O 12,000 12,000 12,000 12,000 12,000 10,000 10,000 6,500 6,500 6,500 6,500 6.500 6,500 6.500 6,500 6.500 6,5(KJ 6,SIK) 6.500 6,500 6,500 6.500 6,500 6.500 6.500 6,500 6,500 6,500 15,IKJO 15,tK)o 15.(K)O 14,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12.000 12,000 12,000 12,000 12,000 10,000 10,000 6,500 6,500 6,500 6.500 6.500 6,500 6.500 6.500 6.500 6,500 6,500 6,500 6,500 6.500 6,500 6,500 6,500 6.500 6,500 6,500 6,500 Balance CIFwd 369,500 359,500 17

The Ofenheim Charitable Trust NO"fES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 12 Grants (Continued) 2021 2020 Balan¢¢ BIFwd 369,500 359,51J) St Giles Trt Toynbee Ha]1 Zane Ability Net All saints Choir and Musi¢ Trust Fund All Sainis Margaret Sire C¢titr¢point (Sohol College of Si Barnabas Greenwich, Deptford & R(rtherhithe Sea Cadet Uftit Holland Park Opcra Hom¢ Start UK Hospice Care Kenya Independent ARe LongboTough Festival Op¢rd Mildmay Hospital Mulliple Sclerosis Naiional Therdpy Centres PCC Cherington Prd¢ii¢al Action Royal College of Mu51C St Joseph's Pastoral Centre The Game and Wildlife Conservation Trust Wallace Collection WWF (UK) Bam Owl Trust Battersea Summer Scheme Benslow Musi¢ Trusl Instrument Loan Scheme British Wheelchair Sports FoutKlation Chaseley Trust Friends of EastbouTne Hospitals Koestler Trust Red squ1cl Survival Trust Sir John Soane'5 Museum Songbird Survival 6.500 6.500 6,500 4,500 4,500 4,500 4,500 4,500 4.500 4,500 4,500 4,500 4,500 4,500 4.500 4,500 4,500 4,500 4,500 4,500 4.500 4.500 4,500 3,500 3,500 3,500 3,5 3,51K 3.500 3,500 3,500 3,5(K) 3,500 6.500 6.500 6,500 4,5 4,5 4,5 4,5 4,500 4.500 4,500 4,500 4.500 4.500 4,500 4,500 4,5 4,5 4,5 4,500 4,500 4,500 4,500 3,500 3,500 3,500 3,500 3,500 3.5 3,500 3,500 3,500 3,500 514.000 499,500 18

The Ofenhcim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 13 Reeoncillation of net movement In funds to net cash used in operations 2021 2020 Net movemeni in funds for the year Adjustm¢nts for.. (Gainsylosses on investments Dividends and interest from investments Investment manager fees (IncreaseydecTease in debto {tk¢r¢as¢)lin¢r¢ase in creditors 3,960,926 (2,079,094) (4,079,149) {492,080) 69.528 (52,129) (491,140) 1,983,857 {515,470) 79,393 490.778 Net cash used in operating a¢tivitie5 {1,084,044) (40,536) 19

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