Cb8rityNumb¢r. 286525 The Ofenheim Charitable Tntst (Under Deed Dated 2 February 1983) FKNANCIAL STATEMENTS for the year ended 31 March 2024
The Ofenheim Charitable Trust coNrENrs Page Legal and Adtninistrdtiv¢ InforntiOn Trustees, Report 24 Ind¢pend¢nt Auditors, Report and opinion 5-8 Stst¢ment of Finallclai Activities Balance Sheet io Statement of Cash Flows li Notes forming part of th¢ Financial Statements 12-19
The Ofenheim Charitable Trust LEGAL AND ADMINISTRATIVE INFORMATION for th¢ y¢ar ¢d¢d 3l Mar¢b 2024 OBJEcrs Th¢ fornjal objects are detsiled in the Trust Deed dated 2 February 1983. TRUSTEES RogerJa¢kson Clark Rory McLeod Fiona Caroline Byrd Alexander Simon Clark Stohert Douglas Ba Chart¢red Accountant Rctired Stockbroker Busitw Dev¢lopTneni University LrftU[ aDd RCar¢be[ Company Director PRCAL OFFICE RSM UK Tax and Accounting LiJnit¢d 4th FiotsT 100 Avebury Boulevatd Milton Keynes Buckinghamshirc MK9 IFH STATufoRY AUDITORS Myers Clark Chartered AccountaDts attd Staw¢ory Awlitor Egal¢ I 80 St Albans Road Watford Herts WD17 IDL Natwest Bank Pl L Princes Street London EC2R 8BP STMENf NfANAGERS Brewin Dolphin 12 StnitbfieLd Street L4)ttdo ECIA 9BD CHAIUTY REGISTERED NUMBER 286525
The Ofenheim Charitabl¢ Trust TRUSTEES, REPORT for the y¢ar ended 31 March 2024 The Tnjstees present their T¢POrt 21ong with the fmancial staterncnts of th¢ cbatity for the year ettded 31 March ?024. The finacial staiemeDLs have bcen prepared ID th¢cordanee with the accounting policie5 5¢t out on p)ge 12 and 13 and comply with the ¢harity$ ttust dee4 the Charlues Act 2011 and the Accounting attd R¢porting by CharitLeS.' StateTncDt tsf Re¢otmneThded Practice applicable lo chan'ties p]Eparitig their accounts in accordance Trith th¢ Fi])att¢ial Re)rting Stslld applicable ID the UK and Repubknc of Irel (FRS102}. STRUCTURE, GOVERliANCE LND MAbAGEMENr The OfeDbeirn Charitable Tn( is a registered cbarity. registrdtiou nvml)er 286525. It wa5 5Ct up by the founder, Dt Angela 0fenhei[ by a deed dated 2 F¢bnthry 1983. The deed gives the rrustees the obligation to di$iribute the income and the power to distnbuie the eapitsl kn any charitabl¢ obje¢1 or io any charitable purpose at their di5CT¢tion. Th¢ tnLStees r#eive Do remuneratioll foi theit work al the Trust is reliant o their ¢ontitiued support. CHAIUTABLE STRUCTURE The power of apFYinting new Trustees is ve5d ill the existing tswstees. The Trust¢cs hav¢ no office. accouDtancy and other %rvi¢cs •re wvidul by their XcowJtts RSM UK Tax New Tnjstecs are proTrid¢d with informtiort from the Cbarities Comrni&%ioD in regard to their duties &s Tnte¢s. Trustees ar¢ k¢pt 1nforttd olaoy regula(ory updaics a5 and when ]Yquired in the forni of circulation of infotttxation from the Charity CollJmis5iOD Ot tbwd party advisors. Additional trailliDg is prolded if ne¢d¢d OD an ad-hoc basis. OBJECTtVES AND ACTivrrtES The ortly activity of the trust is to di5tribut¢ its in¢om¢ to deserviD8 cause5. Its ObJtive is to find sllirable charities to receive thL5 particularly Charities that 5UPP)rt the car¢ and welfkre of the elderly and chiltheD, hospices, prODte rttdical researcl mu51¢, eductitiott and the ans and preseTV¢ wildlif¢. The Tn]stee5 are particularly luSted in small cbarities that meet their geD¢rdl pardllLetas attd of which they have particular and ¢los¢ knowledge.. also CaSeS relating ¢0 Ew s$SeX Whe the Fouth was rtsideuL ACHVEMENTs AND PERFORMANCE lo th¢ l&sl ttvelve years, the trust h35 award¢d grants totallitig Jnore thaD £6 njiuion. A list of th¢ 72 (2023.. 72) t)le dwing the year totalling £537.(KK> (2023.. £523.¢MKk) is giv¢D oll pag¢s 17-18. These orgattisatiorLS bave been ask to TepoTt ba¢k so their effectiVe[S5 be a&seSs attd ttIre 8ralll-t)Mking infornle FINANCIAL REVIEW AND INVESTMENf POLICY The r¢5u]ts of the finan¢iaI artivities for the year are detailed OD p¢ 9. The income increased by 7/g to £564.917 from £527,026 in the year to 31 March 2024. Realised and unrealised proflts oll the ponfolio 2mounled to £580.7iO so that the totsi Etwn w&8 £1.165,667 just under 7°A of our opening fund. The R&%erve5 carried foTw2rd £I7260,13412023.. £16.682539). The Trust i5 elllirely dependent on the retsll from its itivestm¢Dt portfolio and does not ellgage in any fundraisIng a¢tivittes. The investmetlt policy 15 and a]wa)'s has been to maintsin a reasonable balance between income al capital and to accq)¢ a mod¢r3t¢ d¢srte of iisk and the mandate given to the inv¢sthJent mattagers reflects thi5 poLicy. Perform2oce is thed a8aÉD5t a 5pecial]y constructed bette]Jmark of UK fixed snt¢re5t I2./., overseas red interest 2.1P/o' UK equities 52.(f/vtr okerse&8 equities 31.¢Y/•'. pmrty 2.ID and casb l.0/. According to the maDagers' rerts this bellchmark rM)rfolio would have returned 10.80/•, the actual rtfolio returned a tiTne.w¢ight¢d 7.8/q and the ARC Steady Growth Charities deX 9.8/4.
The Ofenheim Charitable Tt TRUSTEES, REPORT for tbe year ended 31 March 2024 PLANS FOR THE FUTURE Th¢ Trust¢e$ have p]ans to change their strdtegy. They will ¢onsider all gA)licatioDS for grants and make awards as tbey see fit. The aim of the Trustees for the next year is to CODttnue rnaking donations to various ¢lMtities. RESERVES POLICY As stated previously it is the twstees, policy distnbute all itoEne ad they do noi consider li necessary to n1nl atty incojne reserves &s such. It is theiT FK>licy to llJaintaiD the C4pitsl Fund (refetrtd tts as EDdowtnellt FuDd in these a¢counts) in order to gellerate income for donations. but othenvise not to TDainlain aDy capital reserves. Ai 31 Mah 2024, the trust's total were £17260,134 {2023: £16,682.539). Of this atnounL £17,097,856 (2023.. £16.517,106) call oDly be realised by disposing of nJall3ged investments. The balance on tbe inc4)me fimd at 31 March 2024 was £162278 (2023.. £165,433). The Trustees contillue u) monitorthe lev¢l of r&8etve8. GRANT MAKING POLICY The Tntee5. policy h&5 been to proiryde regulax support for a DTllnber of chariti¢s and to respond to one-off appeals to bodi¢s where they have some knowledge. It continues to be their p)licy to supwrft ¢lJariti¢s in East Sus5eA because of the fOUte<S asso¢iatiots with that area. The objective tbat the TrSteeS bav¢ always sd themselvc5 is to give away the ineotlle of the charity promptly to organisations who will t)th go(MJ us¢ of the oneY and wbo need it. In de¢ith"tsg wlll"¢b ¢lMities to benefit the Trn$te¢s favour ¢auses io whicb they think the fouDder would hav¢ been favouTable. The list of charitie5 which have benefitted and the fact that there L5 only a few months. income in hand gi¢ the Trustees ground5 for believing that they have acbieved these objectives. PUBLIC BENEFrr The principal activities of the TnL5t exist foT public benefiL The Trusttts confrn that, to the l)est of their knoWIge and belie( they have conjplied with guidattce pub]ished by the C]wity Comn)ission respect to havin8 due regth ttTr publi¢ ttllefit. GOING CONCERN The Trustees are TLOt aware of atly material uncertainties lated to ¢ents or CODdition5 that may cast sigDificattt doubt about the ability of the cbarity to contiDue a8 a going ¢ou¢¢rD aud have a reasonable expectation thai the charity ha5 adequate resources to continue in operntiotsal existetltt for the foreseeable futur¢. In parncular, the Trustees have considered th¢ impact of the ecoDOllJiC clillte on the charity and hav¢ ¢on¢luded thal the PTiTnary activity of the charity is grani making. the charity caTh reduc¢ the number olgrants If in¢QTne leN'e15 were to fa]1 or to keep reserves at a suitsbl¢ levrl. tn the view of the Trustee4 the chartry has suffLCLeIit reserves to continue in operatiott for ai least twelve months after the approval of the financial ststements. Thus they continue to adopt the going collc¢rn basis of accounting in preparing the annual fiTWLcial staterneDts. PRtNCIPAL IUSKS ANI) UNCERTANCIES The major risk to wbich the tnLSt is sllbjee4 ]e any other iTw¢s¢or. 15 tbe risk that investmeJLts will llot do well. The trustees Buard against this risk by haNing a widely divtt5ified equity portfolio and by having a proportiott of tbe fidS in UK Government attd oth¢r fixed in¢ollL¢ securities. tDvestment rhsk is miiigaled by tailg expert iDve5tment managers and appropriately experienced Tr well &5 having th"versified W0110$.
The Ofenheim Charitable Trust TRUSTEES, REPORT for the yeaT ended 31 Mah 2024 PRINCIPAL RISKS AND UNCERTANCIES (continued) In particular, the Tru5te¢s have consid¢Ted the effrft of the wider ecOr)MiC climate ots the charitys Teserves and whilst li is likely to depress investment retur in tbe m¢dium t¢rm tbe TnLStees are confident that there should be O Tnaterial detr]erl impact to the charity. STATEMENT OF TRUSTEES, RESPONSIBILrrIES The Tntstees are responsible for preparin8 the Tru5tees' Report alld the fjnanciai stateDJcnts in accordance with applicable law and United Kmgdom Ac¢owiung StandaTds (United KiDgdom Generally Accepted Aecoulliitig Practice). The law applicable to ch2fill¢S in En & Wale5 requires the trumees to prep2r¢ ftnallcial Stat¢entS for eacb financial year whicll give a true and fair view ofthe state of affair5 of the charity and of its iocoming resourccs aDd application of resources of the charity for that peri(d. Jn preparing thesc fJnaDcial statetnents. the tswtees are requiTed to.. select Suitable ac¢ouJJtirtg polieies and then apply thellj ¢ODSlStently, ob5erYe the meth(Mts and principles in the Clwiti&% SORP (FRS102)' makejudgements and estiateS that are reasonable and pruden¢ stale whether applicable &¢¢ounting Standards have beern followed subject to any lljaterial depart disclosed and explained in the finattcial statcments; aDd prepare the finallcial statrments on the going ¢on¢ern b&8iS UDles5 it 15 inappropriate to pr¢suJne that tbe charity will ¢olltinue in operatio The ttustees are responsible for ke¢ping thquAte aeeottnting Tecords that disc105e with reasOb]e a¢¢uracy at any lime th¢ finatteial positio of the charity and Enable them eJTrsure that the f(la1 5tam¢nts ¢omply with the CEwities Act 2011, the Charity (Accouuts alld Rew)rts) Reguiatiot)s and the prOlOns of the trust deed. They aTe also r¢spon5ible ftsr safeguarding the ets of the charity aDd hence for tsking re&s0[le steps for tbe prevenuot) and detection of fTrud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS Th¢ trustees who are in offjce on the date of approval of these fmancial statements have confned tbaL as far they are aware, th¢ie is no relevant information of wbicb the auditors are ware. Eaeb of the trustees haye ¢onfsrnJed tbat they bave taken all the steps tbat ougbt to have taken as trusttts in ord¢r to make themselves aware of anv relevant audit iDformation alld to establtsh that li been conlllluDicated to the auditor. AUDTTOR Myers Clark bave itldicatcd their willtngn¢ss to continue in office. Sigt)ed on behalf of the Trustecs.. 30 Januaty 2025 Ro8erJackson Clark
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OFENHEIM CHARITABLE TRUST for the year ended 31 March 2024 Oplnion We have audited the (0¢1a1 statements of the Ofenheim Charitable Tnw ('the ¢h2rity') lor the y¢at ended 31 Marth 2024 whi¢h COpriSe tbe 51atement of financial activities, balance shtti, statement of cash flow5 and note5 to the financial statements, including significant a¢¢outtting polirie5. Tr flthqncial reportiDg fratnework that h&$ bttn applied i their preparation is applicable law and unit Kingdo Accoullting Stalldards, including FRS 102 The FinanciAI Reporting Swrd app]icable ill the UK and Republic of Ireland (UJ)it¢a Wjn G¢Derally Accepred A¢coullting Ptattice). In our opinion, the finattcial statements: Giv¢ a tnEe and fair view ol tbe state of the charity's affaTfS &s at 31 March 2024 and of its in¢omittg resources and application of resources, for the year then ende(L Have been properly prepared in xccord#ntt with United Kingdo Genernlly Accepted A¢counting Practice, Have been prepared in ordance with the requireTnents of the Charities Act 2011. Basis for opinion W¢ Conducted ollr audit in a¢cordan¢e with bJ¢ernational Standard% on AJiting (UK) OSAS (UK)) and 4)pli¢able lw. Ollr responsibilities under those standards are further described in the Auditor's resJxFnsibilities for the audit of the fman¢iai statemetsts se¢titsD of our Itport. We ate independent of the charity in a¢¢ordan¢e w5th tbe ethi¢l requirejllents that are releva]Jt to our audit of tbe finaneial staternents in th¢ UK including the FRC'S Ethical Standar4 and we have fulfilled our other ethical re5ponsThJ ilities in accordance wth these jrouirements. We believe that the audit evidence w¢ have obtsined is sufficient attd appropriate proiide a basis for ouropiniorL Conclusion5 relating to going ¢on¢ern In auditing the financial siaiements, we have con¢luded the trlee5. Lse of the going eon¢ern basis of 8¢¢0untittg in the preparation of th¢ finan¢ia] sroiements is appropriate. Based on th¢ work we have performed. we hal'e not ideDtifitd any t)JateEial un¢¢rtainti¢s ielating to events or COTKlitions that, itLdividually or collectively. may cast 5i8nificant doubt on the ¢hariry'S ability to continue a5 a going concern for a perii>d of at least 12 llnthS from when the fi[L¢l27 stht¢ments are authorised for issue. OUT responsibilities and the rwllsibi]iti£s of the tn]stees with T¢$t to goitig concern dtscrilKd in the releYaDt seGtion$ of this reporL Other iDfonDatio The other iorMation comprises the intorD)ation illeluded itt the antsual [qr( iDcludiDg the trte£s, report, other than the fanCial stateraents and our auditor's rep)n Ihereon. The are responsible for the other inforniation conrained within the annual report. Ollr opinion the falle1a1 stht¢rneuts does not cover the other infonnation on(i except to the extent otherwise explicitly ststed in our TfP)rL we do not express any forni of SUranCe contlusjon ther. Our res>llS1bi]Ity is to read the otber itrfornJatioD an4 in dolng so. consider whether the other iDforrnation is materially inconsistent with the financial ststemettts or ow knowledge obtained ID the course of the audiL or othejivise appears to be malerialty misstated. If we identify such material in¢onsistencie5 or apparent material missratements, we are required to determine whether this giv¢5 to a tnataial mIta[Cl[l¢l&t in the fitwicial statetnellts themselves. If, based oll the work we have perfornie we ¢ODclude tha¢ tbere is a Jnaterial misslaiement of thi.s other illforma1io we are required to report that fact. We haye llothing to rq>ort in this re8aTrL
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OFENHEIM CHARITABLE TRUST for the year ended 31 March 2024 Matter whi¢b w¢ are required to report bv cePtiOn In the light of the knowledge and understandin8 of the charity and its ellVitOTinieDt obtsin¢d in the c4>ur5e of the audit, we have not id¢r]tifi¢d material n)isstatements in the rnllees, report. We bave nothing to report in rwtct of the followryng nutte[5 inlation to wbich the Clwities Act 2011 requires to report to you if, in our OPiDiOll.' The Inftsrnjatio giveD in the re[ olthe TnLStttS 15 inconsistent in any ma¢¢ri81 r¢spt with the financial Statements. or SvffirieEXt attoutttitsg records have not bttn kept: or The fittancial statements are not in agreee[rtwith the accoullting records. or We tmve not received all the infomution and explanatiOD5 we require for out audiL Re5P0115ibilitle$ of Trn$tees As explained more fully in the Stst¢meiit of R¢sponsibi]ities of the Trte¢S set out oll page 4, the Tnt¢e$ a responsible for the preparation of the fillallcial st¢ments attd for b¢illg satisfied that they give a true and fajr Mew, and for 8u¢h internal control the TnLStees determille is ne¢essary to etsable th¢ preparation of fi]Jancial statements that are free from material misstsiemen4 whether due to fraud or ¢>r. In prepaTing the fjnallcial statements, the Tnty ate resEK>nsible for assessing the charity's ability to continue as a going Conc disc105iug, as app]ib]e, matters Teled to going C4>[ern a[ U5iDg the going ¢4)n¢¢m basis of aceountittg unless the Tru5ttts eith¢r intend ty liquidair th¢ ¢]wity or to Ce OFrntions. or hwe no tealisti¢ alternlve but to do 80. Audltor's respotsslbllltl lor tbe xudlt of the flnancial statements Our objectIV¢5 are to obtain reasonable &ssurattce about whether the fllwlcial 51at¢ments as a whole are free frorn material rnis5tatemellt. whethet due ¢0 fraud or ¢rror, atMI to issue an auditor's rqrt that inrludes our opinioll. Reasonable assurallce is a knigb level of assurance, is not a gu2fdntee that an audit colldu¢trd in accordance with ISAS IUK) will always detect a material rnisstatttDent wheu it exists. MisstatemerLts can arise from fraud or tr and are ¢ollsidered maierial if: individually or in the a8wegate, they could reasonably be expected w ixthuen¢e the ttonomie decisio% of usen tsken oll the basis of these financiat stateEnents. regul*ities. including fraul aTe instances of Doll-cowjiallce with laws and reIlatIO1 We desigD procedures iti lin¢ with our re5ponsibiliti¢s. out]incd atK)ve, to detect maierial rni&statemellts Ttsper¢ of irregularities, ineluding fraud. The extent to whl'ch Ourprocethc5 are Capable of detecting irre8ularitiLs, Inching fraud 15 d¢taiSed below: The extent to whl¢h the audit Th8s considered capable of dete¢tlDg irregularities including fraud In identifying and assessing the risks of Ma[181 misststemeni in respect of i¢gularltiC5. iDcluding fraud and non- complian¢e with jaws and reAuiations, we considered the followinA' . The natt]re of the ]ndSty and sector, control envirollllmji aud pxrfornw¢e" • results of our ellquities of Mallag¢ment atK•ut their identifitiOn and assessment of th¢ risks of irre8ularitie5.'
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OFENHEIM CHARITABLE TRUST for the year ended 31 March 2024 any Enatter5 we Identifi ha[18 obtained and review the ¢barity'$ &XumeIal1o of theit policies and procedures identifying, evaluating and ¢omplJiDg with lav45 and te8uiation and thi¢tlw they We aware of any illstanr¢s of DOn-compliaTc- detecting ad responding to the iisks of fraud and whether they have knowledge of any acts1, suspected or alleged fraud. the interDal controls e5tabhshed to miugatt risks of frnud or noll-compiiance with Laws attd regulations. the n)atters discussed amottg the audit entragellLetLt leam garding bow and wlw¢ fraud might occur in tbe fil)cIal statem¢nts and any potential Indicato of fraud. As & result of these procedures. we considered the opportlmities and iTJ¢entives that exist within the organisation for fraud. In commoll with all audits under ISAS (UK), we are a]so requlred to rf0Thn specific procedures to respond to ibe risk of DJaDa8ement override. We also obtained an understsnding of the Iwl and Fegulatory framewiyrks that the ¢harity operates iTt. focusing on provisions of those laws and Tegulation5 that had a direct effect on the detem)iJJation of Nwt¢Tial amount5 and disclosures in tbe fiffjan¢iai ststemellts. tn additio we CODsidered provisions of other laws alld regulatio that do not bave a direct effttt ott the fitsaucial statements but compliance with which taY be fimdaments] to the charity'5 ability to op¢rat¢ or to avoid a njaterial Audit response to risks Identlfled To address the risk of fraud th*ough managemelli bias and override of CODtrol4 we.. p¢rfom)ed ana]l¢al pro¢ethires to identify any OT UDexpect¢d relationships. tested journal entries to identify unusual ¢raLsaction5.' asses5 whether judgemellts and &ssllmptioDS rnad¢ ID detennillillg the accoullting estirnates were indi¢ative of potential bias. and • investigated the rdtioJJale behtnd significant or unusual tTrUSactio. In response to the risk of irregularities and Don-con]pliattce with law5 and regulatiODS, we designed prncedures which included, but were not limit1 to: greeing financial statement di10$1$ to ut)derlyiog si4)porting d(utati • readitjg the minutes of meetings of those charged with goyernance" and enquiring of management Ms to actual and potential liti8ation and clainjs Th¢re are ittherent limitsts.ons in our audit prOcureS described above. The more reTlloved that law5 regutation8 are from finallcial tRnsactiODS. tbe le&8 likely it is that we wou]dbe£ome aware of uon-cowliaDce. Auditing standards also timit the audit procedures required to identify non-compliance with law5 and regujations io enquiry of the dire¢tOT5 and other management and th¢ inspection of regulatory and legal CorresdenCe, if any. Material mi5ststecllts tbat atise due to fraud carl be barder to ddect than those that arise from error 8s ih¢ymay involve deliberate concea]ment or collusion. A ficI descriptioTh of our respoDsibilities for the audit of the fillanciai statellThts 1$ located ¢)n the Financial Reportillg Coullcil's website al: wvw.frc.¢)rg.uklauth"iotsrwnsibilitie5. This descriDtion forn Dart of our auditor's reY)orL
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES, OF THE OFENHEIM CHARITABLE TRUST for the year ended 31 March 2024 Use ofour report This report is made solely to the charity's tr$. a iM)dy, in a¢¢ordan¢e with the Charitie5 Act 2011. Our audit work h&5 been UDdertakell so that we Jjjigbt state to the trLLStees tbose matter5 we are reqllired to state to them itl an auditor's report and for no other purpose. To the fullest exteni pernjitted by law, we do not accept or assume responsibility to aTLyone other than the charity's trStee5 as a body. forow auth"i wrt for this repori or for the opinions we hav¢ fornied. Myers Clark (Statutory Auditor) Egale 80 Si Albatt5 Road Watford Hert5 WD17 IDL Date: ao. 0 1 . 202S
The Ofenheim Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 Note Unrestricted Fund Elldowment Income Fund Fund 2024 Total 2023 Total Income Investments Incom¢ from UK government securities Income from UK fixed interest stocks In¢om¢ from ovets¢&s bonds Dividends from UK equities Dividends from overseas ¢quitl¢S Income from global investments Income from property stocks Incom¢ from private equity stocks Bauk deposit int¢r¢st 18,348 62,712 7,424 346,159 91.056 9.011 18,036 5.097 7.074 18,348 62,712 7,424 346.159 91.056 9,011 18,036 5.097 7.074 6,094 46,512 5.532 344,762 68,665 8,612 l8,56l 27,278 I,oio Total income 564,917 564,917 527.026 Expelldlture Raising funds: tnvestment manag¢m¢nt ¢osts (72210) (72,210) (73,202) Charitablc artiviti¢s'. Distributions to charitabl¢ bodics Grdnts Support costs Accountancy charg¢s Audii fees Bank charges Total expenditure Net expenditure before gaitt$ #nd losses on investment 12 {537.000) (537.000) (523,000) (24,396) (24,396) (6,600) (6,600) (76) (76) (568.072) (640,282) (33,945) (4,680) (76) 634,903 (72.210) (72210) (3.155) (75.365) (107,877) Net gainsloosses) on investments 652.960 652,960 (1.213,713) Net IDcomel{expeDditsre) after gainsloosses) on investments 580.750 (3.155) 577.595 (1,321.590) Reconciliation of funds Total funds brought fon¥ard at l AprAI 16.517.106 165,433 16,682,539 18.004,129 Total funds carried forward at 31 March 9 17.097,856 162,278 17.260,134 16,682,539
The Ofenheim Charitable Trust BALANCE SHEET for the year ended 31 Mah 2024 Note 2024 Tot 2023 Total Fiied A55ets Invesknents 17.057.317 16.476,319 Current Assets Debtors C&qh at bank and in band 69,168 677,205 746,373 47.403 182,635 230,038 Credltors - amounts falling due iyithln one year (543,556) (23,818) Net current assets 202,817 206.220 Totsl Lyet Assets 17.260,134 16,682,539 The hnds of the charity: Unrestricted Funds: Elldowillent Fund lttcome Fund 17,097,856 162,278 16,517.106 165,433 17260.134 16,682,539 Approved by th¢ TrLL8tees and authorised for issu¢ and sign¢d on their behalf: Roger Jxkson Clark Dai¢.' 30 January 2025 The notes on pages 12 to 19 fomi part of these financial stat¢ments. io
The Ofenheim Charitable Trust STATEMENT OF CASH FLOWS for the year ended 31 MaTch 2024 Note 2024 Total 2023 TotAI Oper#ting actisryties: Net cash used in operating acttvities 13 (70.099) (503,527) InYestiDg activities: Dxvidends and inter¢st from itivesttnents 564,669 575,296 Net cash from iDvesting actItieS 5fA,669 575,296 Change in cash and cash equivalents in the reporting period 494,570 71.769 Cash and cash equivalellls ai l April 182,635 110,866 C&sh and ¢asb equivalents at 31 March 14 677,205 182.635 Relating to: . Bank balances included in'cash at bank and in hand. 677,205 182,635 677,205 182,635 li
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEME[ for the year ended 31 March 2024 l A¢¢ountlng Policies (a} Getteral information The trust is an unincoTP)rdted charity registe1 in England and Wales. The prin¢ipal otrice address is RSM UK Tax and Accounting Limits 4th FIcM)r, 100 Avebury Boul¢varf Milton Keynes, Buckinghamshire. MK9 1 FH. (b} B3si$ of a¢eounting The fllllttcial statements have been pr¢pared under the historical cost collventio tuodified by the r¢valuation of investments. The financi81 statements have been prepared in aceordanct with the Statcment of Recommended Practice.. Accountiug And Reporting by Charities preparing th¢ir accounts in accordance witb the Financial Reporting Standard applicable in the UK and Republic of trcland (FRS 102) {effective January 2019) and the Charities Act 2011. The accounts (financial statements) have been pr¢parcd to give a 'true alld fair, view and hav departed from the Charities (Aecoullts and Reports) RegulatiOll5 2008 only to the extent rquired lo provide a 'true and fair Nl¢W'. This departure has involved followryng A¢counting and Reporting by Charities preparing th¢ir a¢¢oullts ill accordance with the Financial R¢portillg StADdard applicable in the UK and Republi¢ of Ireland (FRS 102) issued in October 2019 rath¢r than the Accounting and Reporting by Charities: Statrrn¢nt of Recommended Prdctice effectiY¢ from l April 2005 wbich has since been withdrawD. Th¢ charity constiteS a public benefit ¢ntity as (krin by FRS 102. Monetary amounts in th¢s¢ financial ststemellts are rounded to the neares1 whole £. {¢) IDeome DiTr'idends are recognis¢d onc¢ the dividend has been dttlared and Dotification hLS b¢¢n received of the dividend due. tnvestD)ent income is accounted for in th¢ p¢riod in wbi¢h the clwity is entitled to receipt. (d) Expenditure Liabilities ar¢ recol$ed expenditure as soon as Ihcre is o legal or consttuclive obligation committing ih¢ ¢harity to that expenditure. it is probabl¢ that settlement will be required and th¢ amount of the obliEation ¢an be measured reliably. Expenditure includes any VAT which cannot be fully reco&ered and is pOrted Is part of the expenditure lo 'bI¢ it relates. Grants pa}'able ar¢ c]Mrged in the year wh¢n th¢ offer is conveyed to the r1P]enL Expenditur¢ on ¢haTitable activities include those incurred in the govcrn2n¢e of the ¢harity and its assets and are primarily associated with ¢onstiWtional and statutory iequirem¢nts. Totsl goN'ernance costs for the year were £28,556 (2023: £35,231). Expenditure on raising funds con515t entir¢ly of investment management fee5. (e) Fixed a55et investments Investments are a form of b&sic financial instswnent and they are initially recogllised at their trdnsaction value and subsequently meLsured at their fair value as at the balance sheet date using their closillg quoted market pric¢. Holdiugs in listed UK eniities, bonds aDd list¢d overs¢&s equities and securities are valued at bid price. The Stxtement of Financial Activittes includes th¢ nel gains aJLd losses arising on rei'aluation and th"5posals throughout the year. Th¢ tt does not acquire put optiorLS. derivaliv¢s or other complex financial instruments. The main forni of risk faca by the chatity is thai of volatility ID cqllity markets and investment markeL due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment ¢oncerning equities and within particular se¢tots or sub sectors. 12
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l Aceounting Polleles {eoDtinued) (fj Fullds The Income Fund is unr¢stricted so that the InteeS are free to use it for 8ny purpose in furtherdnce of the charitable obj¢rts. Th¢re are no designated funiL8. Th¢ End0ent Fund repIesents those assets. principally investmenL }lCh are held by the ¢harity to generate income and the Income Fund r¢pr¢s¢nts the iThcome on the Endowmeni Fund The trustees are obliged io distribut¢ ihe income and have power to distribute the capital. (g) Golng ¢oncern Th¢ Trust¢¢s arc not aware of any materlal unc¢rtAinties Telated to events or conditions that may cast significant doubt about the abiliry of the charity to continue as a going concern and bav¢ a r¢aso]Mblc expectation that the Charity ha5 adequale resources to continue iu operational existence for the foreseeable Flltu. In particular, the Trustees have conskdercd the impact of the economic clin]ate on the ¢h8rity and have concluded that, as the primary activity of the charity is grant makitig, the charity ¢all Ieduce the number of grants if income levels were lo fall or to keep reserves at a suitable level. tn the view of the Trustees, the clwity ha5 sufficient reserves to continue ID operation for at least twelve months after the approval of the financial statements. Thus they ¢outinu¢ to adopt the going concern basis of accounting in pr¢par8 the arUal fmancial statements. (h) Grants The trnst made ebaritable grdnts during the year of £537.000 {2023: £523,000). All grants in 2023 and 2024 were payabl¢ to institUtsOD5. (i) Flnaneial instruments Fiuaneial in5trum¢nts are cIlfied and accounted for according to the substance of the wntsactual arrangctnent as financial assets or fllwicial liabiliti¢s. Financial (usels Th¢ trust's fmancial assets comprises invest¢llts in a managed investment portfolio (refer to investment accounting lICY), Br¢MD Dolphin capital accouni c&gh at bank and other dcbtors. Other debtors are initially measured at the trdnsactioll Price less any amounts settled and are Subseq[it1Y carried at amortised cosL Financial liabilities Basic financial liabilities comprising of 8ccruals and payable are iDitia]ly m¢asur¢d at transaction price alld subsequently measured at amortised s( being the transaction price less any anLOUllts settled. (k) Critical accounting estivnates and assumptions The trust nLak¢5 estimates aud assumptions concerning the fut(¢. The resulting accounting estimates and 8$5Utnptions will, by defJniti0 seldonl equal the r¢lat acts1 results. The Trust¢¢s do not consider there to be any estimates and assumptions that haN'e a significant risk of Causing a tnaterial adjustment to the catrying amounts of assets and liabilities within th¢ next financial year. 13
The Ofenheim Charitable Tt NOTES TO THE FINANCIAL STATEMENrs for the year ended 31 Mar¢h 2024 2 Auditor's remuneration 21124 2023 F¢es paid the to the tru,5 auditors during the year were as follows; Statutory audit fees 3 Trustee Remuneration No Ttustee received any r¢munerdtion or reimbursement foT trav¢1 expenses (2023: £nil). Th¢ TTUStees are considered to be the key 7nallagement persoDnel of the cbarity. No staff wcrc direcdy employed during the yeaT (2023.. £nil). 4 Taxation The charity is exempt from on income and gains falling wrythin section 466 to 493 of the CoryKkration Tax Act 2010. to the ext¢nt that these are applied to the clJan"table objects. 5 Fixed Asset lttvestments- Managed Fund5 Total 2024 Fair value At l April AdditlODS at cost Disposals at carrying value Net gain on revaluation 15,947,134 3,056.206 (2.8(M,275) 652,960 16.852.025 C&%h held on investsnent 205,292 At 31 March 17.057,317 The historical cost of the investsnents at the year end was £13.487270 (2023.. £13,126,099). The TnLSt's investments ar¢ managed by Brewin Dolphin. The investsnents are held in a wTrrtfolio desigtLed to meet the Tnte¢s, inv¢sttnent l1¢Y to mainfan a reasonable balance between income 2nd capital growth attd to accept a m(MJernte degree of rAsL The value of the irLve5tment portfolio analysed by iDvestm¢nt holdings is as follows.. Listed securities comprise.. 2024 2023 UK governTnent S¢¢UTiti¢s UK fix¢d interest stocks Overseas bonds UK equities OveTseos equities Global investments Propety Private equity 714.502 1269,995 319.798 8.539.352 4,659242 565,193 347.892 436,051 309,662 1.235,323 162,226 8,939,761 4,038,495 453,831 335,l87 472,649 16.852.025 15,947,134 14
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Fixed Asset Investments- Managed Funds (continued) No individual Investment is considered material ID the wntext of the investmellt portfolio. Assel sales and purchas¢s arc recognised at the date of trade al Cost (that is their transaction N'alue). The signifitallce of th¢ financial intruments to the ongoing fin(la] sustainability of the Trust is cousid¢red in the Fillallcial Review and Investment Policy 5¢Ction of the Tntees, Report. Post balan¢e sheet events At 30 September 2024 th¢ market value of the investments was £17.810.542. Debtors 2024 2023 Accrned income 69,168 47,403 69.168 47,403 Creditors- amounts falting due Ivithin one year 2024 2023 Accrua]s Grants payabl¢ 20,556 523.000 23,818 543,556 23,818 An*ly5i5 of net assets behveen funds Endowment Income rund fund Total Fixed &sset invcstm¢nts CuTr¢nt assets Creditors- amounts falling du¢ within on¢ year 17,057,317 40,539 17,057.317 746,373 {543,556} 705,834 (543,556) Net assets at 31 March 2024 17,097.856 162,278 17.260,I34 Comparative 2nalysl$ of net assets beh"eeD funds EDdoMmenl Illeome lund fund Totsl Fixed asset investments Current assets Creditors - atuoullts falling due within one year 16.476,319 40,787 16,476,319 230.038 (23,818) 189,251 (23.818) Net assets at 31 Mah 2023 16,517,106 165.433 16,682,539 15
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for (be year ended 31 March 2024 9 Movement Ill fudS l April 2023 Income endIture Other gths JI March 2024 Ettdowmeni fijnd Incom¢ fimd 16,517,106 165.433 (72210) (568,072) 652,960 17.097.856 162,278 564,917 16.682,539 564,917 (640,282} 652.960 17,260,134 Complrnttve movement fund5 l April 2022 Income Expenditsre Oth¢r losses 31 March 2023 Endowment fund Income flltsd 17,8(M.021 2,108 (73202) (561.701) (1.213,713) 16.517.106 165.433 527.026 I8,0,]29 527.026 634.903) 16,682,539 The unrestrictd fill5 available to speDt for anyof the putpAts of the clwiry. The EttthMn¢ni Fund TepTes¢nts th¢ 8iYett to this tsust by Dr AngelY4 Ofeltheim her lifetirne from her estate ittcludJnB assets transferred frotn an ¢arlter cbatitsble tsust t)nde by her of th¢ sallle name. The Tntee$ hav¢ dccided to retaill th"LS fimd in ordcr to derive reglllar income whihc is used to fi]Dd thc clwitsble aVitieS overthe long tenxL 10 Coparative ittform#tlon for totAI funds 2023 2023 2023 Total EThdoiFrntn¢ Income fro invcstmertts 527.026 527,026 Expendithre on raising Exp¢nditure tharitable actiViti&8 Loss on investments (73202) 173,202) (561.701) (1,213,713) {561.7011 (1213.713) Net movement itt (1.286,915) {34.6751 {1.321.590) 11 Relgted party tran58dion5 There haye beeo Lo relatedJ traosaclhon5 during th¢ cuttent or pnor rep)rtingperiith. 16
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Grants 2024 2023 BaTnardo's Royal Triniiy Hospice Trinity- Laban ConseTh'atoire of Music and Dance Art Fund Ipreviously National Art Colle¢iious Fund) The Children's Soclety Friends of the Elderly Help Musicians UK Macmillan Cancer Supi Mle Curie Cancer Car¢ National Youth Or¢h¢stra of Great Britain Queett Elizab¢th's Foundation Saint Mwigo's Salvation Arniy Trt Scope Stroke Association The Hepwortb Wakefield St Wilfred5 Hospicc Eastbourne AlzheiTn¢rs Research Trust Canine Partners for Independence Coram Family SuTvival Pack App¢41 CnaId (Terrallce Higgtns Tntst) Elizabeth Fit]n TnL8t Enhatn Trust First Story Glyndebourne Arts Trst Greater London Fund for the Blind Helen and Douglas House King Edward Vtl Hospital Sister Agnes L'Arch¢ Longford TTUSt MotorNeurolle Disease A&sociation NatlODal Council of YMCA National Society for the Pr¢ventiOll of Cruelty to Children National Trust National Youth Cboirs of Great Britain Rhythm Studio Foundation Save the Children Fund Shipston Home Nursing Southem Thai1Olld Elephant Foundation 15,(K)O 15,000 28,000 12,000 12,( 12,1 12,(HK) 12.000 12,000 12,(K>O 12,lY)O 12,000 12,000 12,0(Kl 12,000 10.000 10.000 15.0 15.(M)O 14,000 12,000 12.000 12,000 12,000 12,000 12,(100 12,0 12.000 12,000 12,000 12,000 12.000 10,000 10,000 7.000 7.000 7.000 7,000 7,000 7.000 7,000 7.000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7.000 7,000 7,000 7,000 7,000 7,000 7,000 7.¢J)O 7.000 7,000 7.000 7.000 7,000 7.000 7.000 7.1)00 Balance CIFwd 376.0 362.000 17
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Grants (continued) 2024 2023 Balan¢e Bffiwd 376.(M)O 362,000 Si Giles Trust T0bee Hall Zanc Ability Net Ail Saints Choir and Music TTU5t Fuud All Saint5 Margaret Street Centrcpoint (Soho) College of St Barnabas Greenwi¢h, Deprford & Rotherhithe Sea Cadet Unit Hollalld Park Opera Home Start UK Hospice Care Kenya Independettt Age Longborough Festival Opera Mildmay Hospltal Multiple Sclerosis National Therapy Centr¢s PCC Cherington Ptical Action Royal College of MlC St Jos¢ph's PLsiornl Centre The Game and Wildlife Consfflvation Trnst Wallace Collection 7,000 7,000 7.000 5,000 5,000 5,000 5.000 5,000 5.000 5,000 7.000 5.000 5.000 5,000 s,0 5,000 5,000 5,000 5,000 5,000 5.000 WWF (UK) Barn Owl Trust Battersea Summer Scheme Benllow Musie Trust Instsument Loan Scheme British Wh¢¢l¢huir Sports Foundation Chaseley Trust Friends of Ethourne Hospitals Koestler Tnst Red Squirrel Suryival Trust Sir John Soane's Museuttk Songbird Survival 4,000 4,000 4.000 4,000 4.000 537.000 523,000 18
The Ofenheim Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the y¢aT ended 31 Mch 2024 13 Reconciliation of net movemettl itt funds to net Casb used in operations 2024 2023 Net movement in fund% for th¢ y¢ar Adjustments for.. (Gains)nosses on investments DiTridend5 and interest from investsnents ItLvestment manager fees (Increase)Idecrwe in debtors tll¢r¢w iu [rLtOrS 577,595 (lJ21.590) (652,960) (564,917) 72,210 (21,765) 519,738 ,213,713 (527.026) 73.202 52,129 Net cash used in opernting activities (70.099) {503,528) 14 An4lysls of ¢hallge5 in net debt At l April C&8h flows 2023 At 31 March 2024 Fund batances at 31 Mar¢h 2024 as represented by: Cash at bat)k alld its hand 182.635 494,570 677,205 19