**Charity Registration Number: 296885**
**THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
**TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2023**
**THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
## **TRUSTEES AND ADVISERS**
|**Trustees**|Mrs J M Hartley|
|---|---|
||Mrs N A Glover|
||Mr D E Webster|
||Mrs T Barrett|
|**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 2023**
## **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 2023. 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 decreased by £270,383 (2022: £450,958 increase) during the year, and amounted to £3,773,906 (2022: £4,044,289) at the year end. Realised and unrealised investment losses amounted to £190,057 (2022: £8,217). Charitable donations totalling £144,620 (2022: £240,023) were made to a total of 60 (2022: 66) individual organisations during the year.
1
## **THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2023**
## **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:
- 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 financial statements, and
- 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 15 June 2023
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 2023, 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
- examine the financial statements (under section 145 of the 2011 Act),
- follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) the 2011 Act), and
- 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:
- (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
- 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: 15 June 2023**
3
## **THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2023**
|**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**|**£**
**151,314**
**‐**
**29,821**|**Unrestricted**
**Funds**
**2023**
**£**
**95,175**
**5,634**
**‐**
**‐**|
_£_
_243,640_
_3,014_
_23,025_|_Unrestricted_
_Funds_
_2022_
_£_
_114,157_
_98_
_1,232_
8,766|
|---|---|---|---|---|
|||||_124,253_
_(269,679)_|
||||||
|||||_(145,426)_
_604,601_
_(8,217)_|
|||||_450,958_|
|||||_450,958_|
|||||_3,593,331_|
|||||_4,044,289_|
There were no recognised gains or losses for 2023 or 2022 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 2023**
|**Notes**
**Fixed assets**
Investments
6
**Current assets**
Debtors
7
Cash at bank
Investments held as current assets
8
**Creditors: amounts falling due within one year**
9
**Net current assets**
**Represented by:**
Unrestricted funds
**Total Funds**|**£**
**8,437**
**13,008**
**38,762**|
|---|---|
|||
Approved by the Committee of Trustees and signed on its behalf by
J Hartley **Trustee**
**Date: 15 June 2023**
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 2023**
- **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.
6
## **THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 5 APRIL 2023**
## **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
**Total Donations to charities**
Apportionment of support costs
**Total donations to charities including apportioned support costs**
**3**
**Property management**
Commission
Repairs and maintenance
**Total Property expenses**
Apportionment of support costs
**Total property expenses including apportioned support costs**|**2023**
**£**
**1,000**
**23,500**
**12,500**
**11,000**
**31,900**
**4,000**
**5,000**
**14,000**
**7,000**
**29,720**
**3,000**
**4,000**
**146,620**
**4,694**
**151,314**
**2023**
**£**
**‐**
**‐**
**‐**
**‐**
**‐**|_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_|
|||_2022_
**£**
_1,085_
_1,129_|
|||_2,214_|
|||_1,360_|
|||_3,574_|
7
## **THE ALBERT VAN DEN BERGH CHARITABLE TRUST**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 5 APRIL 2023**
## **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
Disposal
**At end of year**
**Net book value**|**Donations to**
**charities**
**3,420**
**252**
**975**
**47**
**4,694**|**Property**
**management**
**‐**
**‐**
**‐**
**‐**
**‐**|**2023**
**£**
**Total**
**3,420**
**252**
**975**
**47**
**4,694**
**2023**
**£**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**
**‐**|_2022_
_£_
_Total_
_3,180_
_216_
_445_
_141_|
|---|---|---|---|---|
|||||_3,982_|
|||||_2022_
_£_
_703,993_
_(703,993)_|
|||||_‐_|
|||||_183,008_
_(183,008)_|
|||||_‐_|
||||||
|||||_‐_|
## **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 2023**
|**6**
**Investments**
**Quoted UK investments:**
Market value at 6 April 2022
Acquisitions
Disposal proceeds
Net (losses)/gains
Market value at 5 April 2023
**Quoted overseas investments:**
Market value at 6 April 2022
Acquisitions
Disposal proceeds
Net losses
Market value at 5 April 2023
**Total value of investments at 5 April 2023**
**7**
**Debtors**
Dividends receivable
**8**
**Investments held as current assets**
Investments: Cash at Fund Managers
**9**
**Creditors: amounts falling due within one year**
Other creditors|**2023**
**£**
**1,636,263**
**253,700**
**(544,357)**
**(28,327)**
**1,317,279**
**2,313,870**
**426,029**
**(173,328)**
**(161,730)**
**2,404,841**
**3,722,120**
**2023**
**£**
**8,437**
**2023**
**£**
**38,762**
**2023**
**£**
**8,421**|_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_
_£_
_‐_|
|||_2022_
_£_
_68,411_|
|||_2022_
_£_
_3,240_|
## **10 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 £975 (2022: £445) were reimbursed to two (2022: two) trustees during the year.
Key management personnel consist of the three Trustees, all of which receive no remuneration other than as stated.
9