Charity Registration Number: 296885
THE ALBERT VAN DEN BERGH CHARITABLE TRUST
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE ALBERT VAN DEN BERGH CHARITABLE TRUST
TRUSTEES AND ADVISERS
| Trustees | Mrs J M Hartley |
|---|---|
| Mrs N A Glover | |
| Mr D E Webster | |
| Chief executive | Mrs J M Hartley |
| Registered number | 296885 |
| Principal office | Trevornick Farmhouse |
| Holywell Bay | |
| Newquay | |
| Cornwall | |
| TR8 5PW | |
| Bankers | Lloyds Private Banking |
| 25 Gresham Street | |
| London | |
| EC2V 7HN | |
| Independent examiner | Alexander Spofforth BA FCA |
| Spofforth Partners Limited | |
| Byne Cottage | |
| Storrington | |
| West Sussex | |
| RH20 4BN | |
| Investment advisers | Brewin Dolphin Ltd |
| The Paragon | |
| Counterslip | |
| Bristol | |
| BS1 6BX |
THE ALBERT VAN DEN BERGH CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 to 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 to 9 |
THE ALBERT VAN DEN BERGH CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management
Constitution
The trustees submit the Annual Report of the Albert Van den Bergh Charitable Trust for the year ended 5 April 2021. The charitable trust is registered with the Charity Commissioners (No 296885) and is constituted by a settlement deed sealed by the trustees on 21 April 1987.
The Settlement
In a settlement dated 21 April 1987 James Philip Van den Bergh settled £10 on a Charitable Trust to be called the Albert Van den Bergh Charitable Trust. The power of appointing additional or new trustees is vested in the current trustees.
Appointment of trustees
Trustees are appointed accordingly at each Annual General Meeting. Trustees are appointed at the Annual General Meeting by way of a majority vote.
Investment powers and policy
Under the settlement deed, the trustees have the power to make any investment which they see fit. From time to time they may appoint a qualified adviser to assist them with these decisions. The trustees consider that the investment portfolio performance during the year has been satisfactory to meet its aim of maintaining an investment income of circa £100,000, notwithstanding short term reductions in possible yields due to adverse circumstances. An annual performance review is carried out in June each year.
Reserves policy
The trustees regularly review the reserves of the charity. This review encompasses the nature of the income and expenditure streams, the need to match variable income with fixed overheads and the nature of the reserves. A general unrestricted reserve is maintained including investments with an investment objective to produce a 3% yield to produce annual income from which donations can be paid. The majority of the charity’s reserves are held as quoted investments for a moderate short term growth and the management performance of this is reviewed on an annual basis.
Objectives and activities
Objectives of the trust
The objects of the trust are for the trustees to use their discretion to apply the income and/or capital for the benefit of other worldwide charities. They particularly support charities which assist health research, and care for the elderly and children.
Risk assessment
The trustees have considered the various risks to which the trust is potentially exposed, and are satisfied that adequate measures are in place to identify, assess and mitigate the effects of these risks.
Public benefit reporting
The trustees regularly review the range of grants to be made to ensure the trust's activities are for the public benefit. The reviews include obtaining the advice on a professional basis of Dr Fiona Cornish, who reviews all of the charities to which grants are made in the medical and care fields.
Financial review
Review of the year
The net assets of the fund increased by £534,593 (2020: £561,998 decrease) during the year, and amounted to £3,593,331 (2020: £3,058,738) at the year end. Realised and unrealised investment gains/(losses) amounted to £583,837 (2020: £(501,438 losses). Reported investment performance was affected by recovery after the corona virus pandemic emerged in March 2020 which created a low stockmarket at 5 April 2020, but recovered after last year end. Charitable donations totalling £130,000 (2020: £149,300) were made to a total of 54 (2020: 45) individual organisations during the year.
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
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Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and UK Generally Accepted Accounting Principles.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the committee of Trustees on 7 June 2021.
Mrs J M Hartley Trustee Mrs N A Glover Trustee Mr D E Webster Trustee
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ALBERT VAN DEN BERGH CHARITABLE TRUST
I report on the financial statements of the charitable trust for the year ended 5 April 2021, which are set out on pages 4 to 9.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to
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examine the financial statements (under section 145 of the 2011 Act),
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follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) the 2011 Act), and
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state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements 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:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements ‐ to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Alexander Spofforth BA FCA For and on behalf of Spofforth Partners Limited, Chartered Accountants Byne Cottage Manley's Hill Storrington West Sussex RH20 4BN Date: 12 June 2021
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
| Notes £ Income from: Investments: Investment portfolio Bank interest Charitable activities: Property rentals Grant income Total income Expenditure on: Charitable activities: Donations to charities 2 132,051 Property 3 41,924 Raising funds: Investment management 17,785 Total expenses Net (expenditure) before gains on investments Gains/(losses) on investments Net income/(expenditure) after gains/(losses) on investments Net movement in funds Total funds brought forward Total funds carried forward |
£ 132,051 41,924 17,785 |
Unrestricted Funds 2021 £ 85,605 110 36,965 19,836 |
£ 151,027 48,888 20,773 |
Unrestricted Funds 2020 £ 102,767 255 57,106 ‐ |
|---|---|---|---|---|
| 160,128 (220,688) |
||||
| (60,560) (501,438) |
||||
| (561,998) | ||||
| (561,998) | ||||
| 3,620,736 | ||||
| 3,058,738 |
There were no recognised gains or losses for 2021 or 2020 other than those included in the Statement of Financial Activities.
All comparative figures reflect unrestricted fund movements.
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Property 5 Investments 6 Current assets Cash at bank Investments held as current assets 7 Creditors: amounts falling due within one year 8 Net current assets Represented by: Unrestricted funds Total Funds |
£ 22,438 26,724 |
|---|---|
Approved by the Committee of Trustees and signed on its behalf by
J Hartley Trustee
Date: 7 June 2021
The notes on pages 6 to 9 form an integral part of these financial statements.
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2021
- 1 Principal accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments. The financial statements have been prepared in accordance with the Charities Act 2011, the Statement of Recommended Practice FRS 102 (SORP) applicable to charities.
Incoming resources
Dividend income is brought into accounts when the trust is entitled to the income. All other income is accounted for on an accruals basis.
Resources expended
Donations are recorded once the Trust has made an unconditional commitment to pay the donation and this is either by when it is communicated to the beneficiary or the donation has been paid, whichever is the earlier. All other expenditure is accounted for on an accruals basis.
Apportionment of support costs
Support costs are apportioned between donations to charities and property management as a proportion of total income, excluding bank charges, relevant to each activity.
Investments
Investments are stated at market value. Realised and unrealised gains are shown on the Statement of Financial Activities. Valuations exclude accrued interest on Government and Corporate Bonds.
Property
Property purchased for trading purposes is stated at cost. The trustees review the property valuation for any material change in valuation in the intervening years.
Depreciation
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value, of each asset over its expected useful life, as follows:
Property Over 50 years
Fund accounting
All funds of the Albert Van den Bergh Charitable Trust are unrestricted and both capital and income can be used in accordance with the charitable objects, at the discretion of the trustees.
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2021
2 Donations to charities
The charity meets its charitable purposes by making donations. The majority of the organisations who received donations are in the UK and concerned with health research and care for patients with cancer, multiple sclerosis, parkinsons and other diseases and disabilities. Institutions that care for the elderly and children's charities are also supported with donations. A full list of donations may be obtained from the trust by request.
| A summary of the donations made by activity is as follows: Cultural charities Conservation Disadvantaged Disability Help in the Community Homelessness Hospices Medical research, care and support Mental health Overseas Servicemen and women The aged Churches Sport in the community Total Donations to charities Apportionment of support costs Total donations to charities including apportioned support costs |
2021 £ 5,000 19,000 7,000 11,000 40,000 4,000 4,000 9,500 4,000 23,000 500 ‐ 2,000 1,000 130,000 2,051 132,051 |
2020 £ 4,000 9,000 6,000 20,000 64,000 1,000 2,000 12,300 ‐ 21,000 2,000 3,000 1,000 4,000 |
|---|---|---|
| 149,300 | ||
| 1,727 | ||
| 151,027 |
- 3 Property management
| Commission Service charges Light and heat Buildings insurance and water rates Repairs and maintenance Cleaning Linen Leisure costs Welcome packs and products Depreciation Total Property expenses Apportionment of support costs Total property expenses including apportioned support costs |
2021 £ 8,730 6,251 2,085 344 1,100 4,255 1,524 1,669 526 14,080 40,564 1,360 41,924 |
2020 £ 11,992 6,304 2,340 ‐ 3,229 4,068 2,599 2,482 835 14,080 |
|---|---|---|
| 47,929 | ||
| 959 | ||
| 48,888 |
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2021
4 Analysis of support costs
| Analysis of support costs | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Donations to | Property | |||
| charities | management | Total | Total | |
| Independent examiners fee | 1,912 | 1,268 | 3,180 | 3,120 |
| Professional fees | ‐ | ‐ | ‐ | (1,500) |
| IT and support costs | 130 | 86 | 216 | ‐ |
| Travel expenses | ‐ | ‐ | ‐ | 1,066 |
| Bank charges | 9 | 6 | 15 | ‐ |
| 2,051 | 1,360 | 3,411 | 2,686 |
5 Property
| At cost: Apartment 306, St Moritz, Trebetherick, Cornwall At beginning of year At end of year Depreciation At beginning of year Charge for the year At end of year Net book value 6 Investments Quoted UK investments: Market value at 6 April 2020 Acquisitions Disposal proceeds Net gains/(losses) Market value at 5 April 2021 Quoted overseas investments: Market value at 6 April 2020 Acquisitions Disposal proceeds Net gains/(losses) Market value at 5 April 2021 Total value of investments at 5 April 2021 |
2021 £ 703,993 703,993 168,928 14,080 183,008 520,985 2021 £ 1,500,400 99,751 (373,479) 364,486 1,591,158 952,613 473,629 (208,662) 219,351 1,436,931 3,028,089 |
2020 £ 703,993 |
|---|---|---|
| 703,993 | ||
| 154,848 14,080 |
||
| 168,928 | ||
| 535,065 | ||
| 2020 £ 1,902,770 99,613 (131,294) (370,689) |
||
| 1,500,400 | ||
| 1,109,387 179,880 (205,906) (130,749) |
||
| 952,612 | ||
| 2,453,012 |
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THE ALBERT VAN DEN BERGH CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2021
| 7 Investments held as current assets Investments: Cash at Brokers 8 Creditors: amounts falling due within one year Trade creditors Other creditors |
2021 £ 26,724 2021 £ 1,725 3,180 4,905 |
2020 £ 37,419 |
|---|---|---|
| 2020 £ 962 3,120 |
||
| 4,082 |
- 9 Trustees' remuneration
The trustees neither received nor waived any other emoluments during the year.
Out of pocket expenses including travel and subsistence and general expenses, totalling £nil (2020: £1,066) were reimbursed to no (2020: 3) trustees during the year.
Key management personnel consist of the three Trustees, all of which receive no remuneration other than as stated.
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