Charity Registration No. 290660 THE WIENER LIBRARY ENDOWMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WIENER LIBRARY ENDOWMENT TRUST CONTENTS Page Legal and Administrative Inforniation Trustees, report Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements 10- 15
THE WIENER LIBRARY ENDOWMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Tracey Campbell (Chair) Pierre Davis Charles Elliott Martin Fraenkel Andrew Kaufman Thierry Serero Charity number 290660 Principal address 29 Russell Square London WCIB 5DP Independent Examiner Mr T W Slater Shaw Gibbs Limited 79 High Street Teddington Middlesex TWII 8HG Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Trust Deed dated 12 November 1984 as amended by deed dated 16 January 2014 ( "Trust Deed"), the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2016. The Wiener Library Endowment Trust ('the Trust,) was constituted on 12 November 1984 by a declaration of trust. The charity registration number is 290660. Objectives and Activities The Trust's objects are the support and maintenance of The Wiener Holocaust Library ('The Library,) and the advancement of the study of contemporary history with special reference to the era of totalitarianism and the Holocaust of European Jewry. To this end the Trust invests the capital it receives by way of gifts, legacies, any surpluses on fundraising activities and investment income to generate the amount required for the regular grants paid exclusively to the Library as a contribution towards its operating costs. Thc declaration of trust perniits the Trustees to apply th¢ income and up to 50 % of the capital of the Trust for its objects, and it allows them to place the capital and income in such investments as they see fit. Thc Trustccs, objective is to maximise the medium-terni investment returns whilst maintaining the moderate risk profile of the investment portfolio. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities they should undertake. The Trustees confinn that in setting the Trust's objectives and planning its activities they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The Trust depends upon the Trustees and The Library's employees for their time and effort which is provided without a charge to the Trust. It is not possible for the Trustees to attribute a specific financial value for this assistance, but they wish to express their thanks on the Trust's behalf for all help received from The Library employees.
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Review During the year the Trust's total expenditure was £239,710 (2022.. £218,524) of which the grant to Thc Library totallcd £220,000 (2022-. £200,000), an incr¢as¢ over the prior year and the level at which the grant is expected to continue going forwards. The Trust's investment income for the year was £137,984 (2022: £32,998). The Trust was therefore only partially able to meet th¢ grant of £220,000 to The Library out of this income. The further shortfall towards the grant as well as the Trust's insurance, bank charges and independent examination fees were therefore paid out of the disposal of investments as required. The deficit of £1 01,726 of the investment income after meeting all the expenses and antS has been deducted from the unrestricted fund as shown in the Stat¢m¢nt of Financial Activities and a transfer of £ l 01,726 was made from the Trust to cover the shortfall on the unrestricted fund. After further taking into account the unrealised investment losses of £41,438, the total deficit for the year was £143,164. Thc Trust rcccived donations and gifts of £535 (2022: £543) and bequests of £57,035 (2022 £nil) during the year. The Trustees would like to thank all those who contributed to the Trust during the year and particularly acknowledge the generous legacy from the Estate of Rosemary Lewis, of which the portion reco]ised in these accounts was £57,035. It is the policy of the Trust to maintain unrestricted funds (free reserves), at a level which enables the Trustees to continue the grant giving policy as stated above. The level of reserves held by the Trust at 31 December 2023 amounted to £3,495,465 (2022: £3,638,629). This is in line with the reserves policy. In 2023 the Trust continued to invest ivith the aim of maximising total return over a 3-5 year view while maintaining a moderate risk profile. Investments are made in UK and overseas stocks and bonds together with a modest exposure to alternative investments. Two external fund managers with specialist charity departments are used for the asset management, each with a different risk mandate. The managers were selected following meetings with a number of potential institutions and careful consideration was given to the investment approach and mandates of the managers, so that the portfolio as a whole is managed on a diversified basis, and with some flexibility with regard to asset allocation. For a prolonged period of near-zero interest rates the Trustees were focused on delivering a medium risk return from a substantially equity portfolio in quite a volatile period for markets. For 2023, it was deternlined that a key risk related to the timing of capital withdrawals to pay the grant. To offset this risk of unfortunate market timing, the Trustees took the decision to receive dividends paid out on a regular basis, rather than accumulated within the portfolio. This has provided a monthly credit of dividend payouts which has the effect of reducing the scale of one-off capital transactions to deliver each tranche of the grant. The accumulated contributions have also benefitted from the additional incomc provided by grcatcr usc of the cash management account in a period of much-improved interest rates. The Trustees continued to hold regular meetings with the investment managers to review progress on the portfolios and examine the risks to which the Trust is exposed to mitigate any impact on the Trust's future operations.
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Outlook To date taking a considered and balanced approach to risk management has resulted in capital gains being sufficient to covcr the full grant payment on a rolling 3-year basis, even if some individual years have seen a capital decline. This recent history, however, is no guarantee of fijture returns and so, while the recent increases in interest rates are expected to be helpful in coming years, the long-temi capacity of the Trust to pay out the full ant amount over coming decades remains vulnerable to market volatility. Structure? governance and management The Trustees who served during the year were: Tracey Campbell (Chair) Plee Davis Charles Elliott Martin Fraenkel Andrew Kaufinan Thierry Serero Trustees are nominated by the trustees of the Trust, subject to the approval of the Board of The Library. Thc Trustees, report was approved by the Board of Trustees. Tracey Campbell Trustee Dated: 18 October 2024 Type text here
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicc). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affains of the Trust and ot the incoming resources and application of resources of the Trust for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent" state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts" and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Thc Trustces arc responsible for k¢¢ping proper accounting rccords that disclose with rcasonabl¢ accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective I January 2016 and the provisions of 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.
THE WIENER LIBRARY ENDOWMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 T report on the accounts of the Trnst for the year ended 31 December 2023. which are set out on pages 7 to 15. Respective responsibilities of trustees and examiner The charity's trustees are responsibl¢ for the preparation of the accounts. The charity's tru5t¢es consider that an audit is not requiTed for this year under section 144{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine thc accounts under section 145 of the 2011 Act. to follow the procedures laid down in, the General Directions given by the chlty Commissioner und¢T section 145(5)(b) of the 2011 Act- and to state whether particular matters hav¢ come to my attention. Basis of independent examiner's report My examination was carried out in accordanc¢ with the General Directiolls given by th¢ Charity Commlssioner. An examination includes a review of the accounting records kept by thc charity and a comparison of th¢ accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of ¢xplanations from you as trustees concerning any such matters. The procedures und¢rtakcn do not provide all the eviden¢¢ that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair view. and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe that, in any material respec¢ the requirements: (a) (b) to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with th¢ accounting records and to comply with the accounting requirements of th¢ 2011 Act have not been met" or to which, in my opinion, attention should be drawn in order to enable a proper understallding of the ccounts to be reached. Slater ACA. CTA For and on behalf ol Shaw Gibbs Limited 79 High Str¢¢t Teddilltrton Middlesex TWI18HG 20th October 2024
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Endovrnient Total 2023 Totsl 2022 Funds General Funds ote Income from: Voluntary income Investments 57.570 57.570 -f43 Total income 137984 137 984 Expenditure on: RaisiniF funds Charitable activities 17.140 222 570 17.140 222 570 16,078 Total resources expended 239 710 239 710 218 524 Nct (losscs)/gains on investments Nct incomingl(outgoing) resources before transfers (101,726) (41,438) (143,Ifpl} (256,427) Gross transfers between funds 15 101726 101726 Net movement in funds (143,164) (143,Ifpl} (256,427) Fund balances at: l January 2023 3 638 629 3 638 629 3 89.f 056 31 December 2023
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investmenls 11 3,461.761 3,616,220 Current assets Cash at bank Other Debtors 19.979 17,495 26.179 19 Creditors: amounts falling due within one year (3770) Net CULTent assets Total assets less current liabilities 495 465 3 638 629 Capital fund Endowmcnt fund 14 3 495 465 3 638 629 The financial statements were approved by the Trustees and authorised for issue on 18 October 2024 and are signed on behalf of the Trustees by: Tracey Campbell Trustee
THE WIENER LIBRARY ENDOWMEI¥T TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activities Cash absorbed by operations 18 (199,635) (217,981) Investing activities Proceeds on disposal of fixed asset investment Purchase of investments Investment income received 1,030,547 (917,526) 1,017,446 (1,154,089) Net cash generated from investing activities 193 435 104 188 Net decrease in cash and cash equivalents (6,200) (322,169) Cash and cash equivalents at beginning of year 348 348 Cash and cash cquivalcnts at cnd of ycar
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Company information The Wiener Library Endowment Trust ('the Trust,) was constituted on 12 November 1984 by a Declaration of Trust. 1.1 Accounting convention These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"}. "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 201 l and UK Generally Accepted Accounting Practice as it applies from l January 2016. The Trust is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the monetary amounts in these financial statements which are rounded to the nearest £. Thc accounts havc bccn prcparcd on thc historical cost convcntion, modificd to includc the rcvaluation of freehold properties and to include investment properties and certain fir1claI instruments at fair value. Thc principal accounting policics adopted are sct out bclow. 1.2 Going concern At thc timc of approving thc accounts, thc Trustccs havc a rcasonablc cxpcctation that thc Trust has adcquatc re80urces to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. IJ Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. There were no restricted funds in this last 12 month period. Endowment funds held by the Trust may be granted, at the discretion of the Trustees, to The Library up to a maximum of 50 per cent of the capital value of the Trust. 1.4 Incoming resources Income is Tecognised when the Trust is legally entitled to it after any perforniance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. io
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless perfonnance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. 1.5 Resources expended Expenditure is included on an accruals basis. 1.6 Cash and cash equii'alents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-tenn liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instrument5 The Trusi has elected to apply the provisions of Seclion I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial asscts, Nvhich includc dcbtors and cash and bank balances, arc initially measurcd at transaction price including transaction costs and are subsequently carried al amortised cost u%ing the effective interest method unless the aangement constitutes a financing transaction, where the transaction is measured at th¢ prcscnt valuc of thc futurc rcccipts discountcd at a markct ratc of intcrcst. Financial asscts classificd as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction pric¢ unl¢ss the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of inlerest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. li
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements estimates and assumptions about the canying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fijture periods where the revision affects both current and future periods. Voluntary income 2023 2022 Donations and gifts Bequest- Estate of Rosemary Lewis 535 543 543 Investments 2023 2022 Income from listed investments Interest receivable 79,546 868 414 32,445 io Raising funds 2023 2022 Investment management fees 12
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 6 Charitable activities 2023 2022 Grants payable (see note 7) Shale of governance costs (see note 8) 220,000 200,000 222 570 202 446 7 Grants payable 2023 2022 Grants to institutions Support and maintenance of The Library 22 Governance costs 2023 2022 Independent examination fee Insurance 1,800 770 1,800 646 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year. 10 Employees There were no employees during the year. 11 Fixed asset investments Listed investments Cost or valuation Ai l January 2023 Additions Valuation changes Disposals At 31 December 2023 3,616,220 917,526 {41,438) 1030 547 3 461761 Ai 31 Dcccmbcr 2022 3 616 220 13
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Financial instruments 2023 2022 Carr>ryng amount of financial assets Equity instnllnents at fair value 3 461761 3 616 220 Carr>ryng amount of financial liabilities Measured at amortised cost 13 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 14 Endowment funds Movement in funds Transfers Investment Balance at 31 gainsl(losses} December 2023 Balance at I January 2023 Endowment fund 3 638 629 101726 3 495 465 Movement in funds Transfers Investment Balance at 31 losses December 2022 Balance at I January 2022 Endowment fund The specific Endowment fund disclosed was created to further the objects of the Trust generally and is not restricted as to its use. 15 Restricted funds No restricted fLU]ds were held at 31 December 2023. 16 Designated funds No designated fLmds were held at 31 December 2023. 14
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Analysis of net assets between funds Fund balances at 31 December 2023 are represented by: Unrestricted funds Endowment Total fund5 Investments Net current assets 3,461,761 3,461,761 Fund balances at 31 December 2022 are represented by: Unrestricted funds Endowment Total funds Investments Net current assets 3,616,220 3,616,220 3 638 629 3 638 629 18 Cash generated from operations 2023 2022 (Deficit)Isurplus for the year (143,164) (256,427) Adjustments for: Investment income recognised in profit and loss Fair value gains and losses on investments (80,414) (32,455) 41,438 70,901 Movements in working capital Increase in debtors Increase in creditors (17,495) (199 635 217 981) 19 Other Debtors 2023 2022 Accrued dividend income from investment manager 15