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2023-04-05-accounts

Charity registration number 327062

THE RUBIN FOUNDATION CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE RUBIN FOUNDATION CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R.S. Rubin Mrs A.S. Rubin Mr A.K. Rubin Mrs A.J. Mosheim Ms C.L Rubin Charity number 327062 Auditor Bright Grahame Murray Emperor's Gate 114a Cromwell Road London SW7 4AG Bankers Barclays Bank Plc Level 15 1 Churchill Place London E14 5HP Address for Enquiries 8 Manchester Square London W1U 3PH

THE RUBIN FOUNDATION CHARITABLE TRUST

CONTENTS

Page
Trustees report 1 - 3
Independent auditor's report 4 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 16

THE RUBIN FOUNDATION CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report and financial statements for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, 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 1 January 2015)”

Objectives and activities

The charitable objects of the Rubin Foundation, as approved by the Charity Commission, are the advancement of such charitable purposes as the Trustees in their absolute discretion consider appropriate. The aims of the charity are mainly to support other charities in their work by the granting of donations for either general use or specific projects, which reflects the purposes for which the charity was set up to further.

Public benefit

The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

The largest donations made during the year were £100,300 to Jewish Care and £125,000 to Lancaster University. The total amount donated by the Foundation in the year was £747,445 (2022: £810,252).

Financial review

At 5 April 2023, the Foundation held reserves of £6,875,151 (2022: £6,878,738). The Trustees are of the view that a sufficient level of reserves are required to be maintained in order to guarantee distributable income for the Foundation. The level of reserves is reviewed on an annual basis.

Where the Foundation has made an ongoing commitment to make donations over several years, the total commitment is allocated to designated funds.

The income of the Foundation derives mainly from interest receivable on its bank deposits and occasional large donations. The Foundation does not rely on donations from the public.

Risk management

The Trustees have considered the major risks to which the Charity is exposed and established procedures to manage those risks. The major risk is that levels of donations granted may exceed available resources. This is managed by close monitoring of donations and resources.

Plans for future periods

The Foundation has no plans to change its current objectives and activities and intends to continue making donations as long as resources are available.

THE RUBIN FOUNDATION CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Structure, governance and management

The Trust is a registered charity, number 327062, and was established under a Trust Deed dated 24 January 1986. The organisational structure is such that the Trustees are the officers of the organisation, although they have delegated to the Chairman of Trustees, Mr RS Rubin, the responsibility of the day-to-day activity of the Charity.

The power of appointing Trustees is vested in Mr RS Rubin during his lifetime and after his death, Mrs AS Rubin during her lifetime and thereafter in the Board of Trustees. No new Trustees were appointed in the year. Existing Trustees receive training where needs are identified.

There are no paid employees of the Charity and any work carried out is done by volunteers. There is no relationship with any other Charity, although there is a close relationship with Pentland Capital Limited and Pentland Group Limited with which the founders of the Charity and all Trustees are connected. There is also a relationship between the Trustees, who are all members of the Rubin family.

The trustees who served the charity during the period were as follows:

Mr R.S. Rubin Mrs A.S. Rubin Mr A.K. Rubin Mrs A.J. Mosheim Ms C.L Rubin

Statement of Trustees responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and 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 the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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 RUBIN FOUNDATION CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

The Trustees report was approved by the Board of Trustees.

Mr R.S. Rubin

13 December 2023

THE RUBIN FOUNDATION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE RUBIN FOUNDATION CHARITABLE TRUST

Opinion

We have audited the financial statements of The Rubin Foundation Charitable Trust (the ‘Charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE RUBIN FOUNDATION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE RUBIN FOUNDATION CHARITABLE TRUST

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE RUBIN FOUNDATION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE RUBIN FOUNDATION CHARITABLE TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of laws and regulations that affect the charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Charities Act and tax legislation.

• We enquired of the trustees, reviewed the Charity Commission website and correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance.

• We gained an understanding of the controls that the trusteess have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.

• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets.

• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

• We enquired of the trustees about actual and potential litigation and claims.

• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE RUBIN FOUNDATION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE RUBIN FOUNDATION CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ahsan Miraj (Senior Statutory Auditor) for and on behalf of Bright Grahame Murray Chartered Accountants Statutory Auditor

Emperor's Gate 114a Cromwell Road London SW7 4AG

14 December 2023

Bright Grahame Murray is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE RUBIN FOUNDATION CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

2023 2022
Notes £ £
Income from:
Donations 2 1,000,000 -
Investments 3 120,233 89,848
Total income 1,120,233 89,848
Expenditure on:
Charitable activities 4 842,521 856,125
Net gains / (losses) on investments 9 (281,299) 185,151
Net movement in funds (3,587) (581,126)
Fund balances at 6 April 2022 6,878,738 7,459,864
Fund balances at 5 April 2023 6,875,151 6,878,738

THE RUBIN FOUNDATION CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

2023 2022
Notes £ £ £ £
Fixed assets
Investments 11 6,024,999 6,303,407
Current assets
Cash at bank and in hand 855,102 579,681
Creditors: amounts falling due within
one year 12 (4,950) (4,350)
Net current assets 850,152 575,331
Total assets less current liabilities 6,875,151 6,878,738
Income funds
Unrestricted funds
Designated funds 13 377,605 275,000
General unrestricted funds 6,497,546 6,603,738
6,875,151 6,878,738
6,875,151 6,878,738

The financial statements were approved by the Trustees on 13 December 2023

Mr R.S. Rubin Trustee

THE RUBIN FOUNDATION CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) 16
operations 158,079 (854,325)
Investing activities
Purchase of investments (1,389,797) (830,073)
Proceeds from disposal of investments 1,386,906 743,224
Investment income received 120,233 89,848
Net cash generated from investing
activities 117,342 2,999
Net increase/(decrease) in cash and cash
equivalents 275,421 (851,326)
Cash and cash equivalents at beginning of year 579,681 1,431,007
Cash and cash equivalents at end of year 855,102 579,681

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Rubin Foundation Charitable Trust is a registered charity, number 327062, and was established under a Trust Deed dated 24 January 1986.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principle accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources 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.

1.3 Charitable funds

Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for specific purposes.

1.4 Incoming resources

Bank interest receivable is included in the Statement of Financial Activities on an accruals basis.

Covenanted donations, gifts and legacies are included in full in the Statement of Financial Activities as soon as they are received.

Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

All expenditure is included in the Statement of Financial Activities on an accruals basis.

Donations are payments made to third parties in the furtherance of the charitable objects of the Foundation, and are accounted for when the Trustees have agreed to pay the donation without conditions.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.8 Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice.

2 Donations

Unrestricted Total
funds
general
2023 2022
£ £
Donations and gifts 1,000,000 -

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

3 Investments

2023 2022
£ £
Income from investments 92,289 79,980
Interest receivable 27,944 9,868
120,233 89,848

4 Charitable activities

2023 2022
£ £
Investment managers fees 74,490 39,873
Conference costs 15,546 -
90,036 39,873
Grant funding of activities (see note 5) 747,445 810,252
Share of governance costs (see note 7) 5,040 6,000
842,521 856,125
Grants payable
2023 2022
£ £
Grants to institutions:
Chai Lifeline Cancer Care - 50,000
UJIA 50,000 150,000
UCL Development Fund 52,605 52,605
Jewish Care 100,300 110,000
The Prince's Trust 50,000 50,000
Lancaster University 125,000 125,000
London Business School Anniversary Trust 50,000 -
Other amounts under £50,000 319,540 272,647
747,445 810,252

5 Grants payable

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Support costs

Support costs
Governance
2023		 **2022 ** Basis of allocation
costs
£ £ £
Audit fees 5,040 5,040 6,000 Governance
5,040 5,040 6,000

8 Employees

There were no employees during the year.

9 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Revaluation of investments (281,299) 185,151

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

11 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2022 6,303,407
Additions 1,389,797
Valuation changes (281,299)
Disposals (1,386,906)
At 5 April 2023 6,024,999
Carrying amount
At 05 April 2023 6,024,999
At 05 April 2022 6,303,407

The fixed asset investments include £1,485,696 held in a Barclays GlobalBeta Portfolio plus a managed portfolio where no investments exceed 5% of the Trust's net assets.

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 4,950 4,350

13 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at Transfers Balance at Transfers Balance at
6 April 2021 6 April 2022 5 April 2023
£ £ £ £ £
Designated funds 425,000 (150,000) 275,000 102,605 377,605
425,000 (150,000) 275,000 102,605 377,605

14 Related party transactions

A donation of £500,000 (2022: £Nil) was received from Pentland Capital Limited and a donation of £500,000 (2022:£Nil) was received from Pentland Group Limited, related parties of the Rubin Family.

THE RUBIN FOUNDATION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

15 Analysis of net assets between funds
Total
£
Fund balances at 5 April 2023 are represented by:
Fixed assets 6,024,999
Net current assets 850,152
6,875,151
16 Cash generated from operations 2023 2022
£ £
Deficit for the year (3,587) (581,126)
Adjustments for:
Investment income recognised in profit or loss (120,233) (89,848)
Fair value gains and losses on investments 281,299 (185,151)
Increase in creditors 600 1,800
Cash generated from/(absorbed by) operations 158,079 (854,325)