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2022-04-05-accounts

Charity Registration Number: 296885

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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 2022

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 2022. 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 £450,958 (2021: £534,593 increase) during the year, and amounted to £4,044,289 (2021: £3,593,331) at the year end. Realised and unrealised investment (losses)/gains amounted to £(8,217) (2021: £583,837 gains). Charitable donations totalling £240,023 (2021: £130,000) were made to a total of 66 (2021: 54) individual organisations during the year.

1

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

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:

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 29 June 2022.

Mrs J M Hartley Trustee Mrs N A Glover Trustee Mr D E Webster Trustee Mrs T Barrett Trustee

2

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 2022, 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

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:

have not been met; or

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: 29 June 2022

3

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Income from:
Investments:
Investment portfolio
Bank interest
Charitable activities:
Property rentals
Grant income
Total income
Expenditure on:
Charitable activities:
Donations to charities
2
Property
3
Raising funds:
Investment management
Total expenses
Net (expenditure) before gains on investments
Gain on sale of property
Gains/(losses) on investments
Net income after gains on property and investments
Net movement in funds
Total funds brought forward
Total funds carried forward		 £
243,640
3,014
23,025		 Unrestricted
Funds
2022
£
114,157
98
1,232
8,766
£
132,051
41,924
17,785		 Unrestricted
Funds
2021
£
85,605
110
36,965
19,836
142,516
(191,760)
(49,244)
‐
583,837
534,593
534,593
3,058,738
3,593,331

There were no recognised gains or losses for 2022 or 2021 other than those included in the Statement of Financial Activities.

All comparative figures reflect unrestricted fund movements.

4

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

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		 £
28,985
68,411

Approved by the Committee of Trustees and signed on its behalf by

J Hartley Trustee

Date: 29 June 2022

The notes on pages 6 to 9 form an integral part of these financial statements.

5

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2022

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.

6

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2022

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
Churches
Sport in the community
Total Donations to charities
Apportionment of support costs
Total donations to charities including apportioned support costs		 2022
£
9,000
27,023
10,000
13,000
125,500
4,000
5,000
12,000
7,000
24,000
500
3,000
‐
240,023
3,617
243,640		 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
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		 2022
£
1,085
‐
483
‐
1,129
‐
‐
‐
‐
‐
2,697
317
3,014		 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

7

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2022

4 Analysis of support costs

Independent examiners fee
IT and support costs
Travel expenses
Bank charges
Property
At cost:
Apartment 306, St Moritz, Trebetherick, Cornwall
At beginning of year
Disposal
At end of year
Depreciation
At beginning of year
Charge for the year
Disposal
At end of year
Net book value		 Donations to
charities
2,979
99
409
130
3,617		 Property
management
261
9
36
11
317		 2022
£
Total
3,240
108
445
141
3,934
2022
£
703,993
(703,993)
‐
183,008
‐
(183,008)
‐
‐		 2021
£
Total
3,180
216
‐
15
3,411
2021
£
703,993
‐
703,993
168,928
14,080
‐
183,008
520,985

5 Property

The property was sold for gross sale proceeds of £1,150,000 in May 2021.

8

THE ALBERT VAN DEN BERGH CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2022

6
Investments
Quoted UK investments:
Market value at 6 April 2021
Acquisitions
Disposal proceeds
Net gains
Market value at 5 April 2022
Quoted overseas investments:
Market value at 6 April 2021
Acquisitions
Disposal proceeds
Net (losses)/gains
Market value at 5 April 2022
Total value of investments at 5 April 2022
7
Investments held as current assets
Investments: Cash at Brokers
8
Creditors: amounts falling due within one year
Trade creditors
Other creditors		 2022
£
1,591,158
299,391
(276,341)
22,055
1,636,263
1,436,931
1,346,764
(439,553)
(30,272)
2,313,870
3,950,133
2022
£
68,411
2022
£
‐
3,240
3,240		 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
2021
£
26,724
2021
£
1,725
3,180
4,905

The trustees neither received nor waived any other emoluments during the year.

Out of pocket expenses including travel and subsistence and general expenses, totalling £445 (2021: £nil) were reimbursed to two (2021: none) trustees during the year.

Key management personnel consist of the three Trustees, all of which receive no remuneration other than as stated.

9