2023-04-05-accounts - The Neville Abraham Foundation

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The Neville Abraham Founda3on Report of the Trustees For the year ended 5 April 2023

ended 5 April 2023. The trustees have adopted the provisions of the Accoun=ng and Repor=ng by Chari=es Statement of Recommended Prac=ce applicable to Chari=es preparing their accounts in accordance with the Financial Repor=ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec=ve 1 January 2019).

out in the notes to the accounts and comply with the charity’s governing document, the Chari=es Act 2011 and the Accoun=ng and Repor=ng by Chari=es Statement of Recommended Prac=ce applicable to chari=es preparing their accounts in accordance with the Financial Repor=ng Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulle=n 1 published on 2 February 2018).

Objec3ves and Ac3vi3es

The founda=on was created by Mr Neville Abraham to receive capital to be invested with the inten=on that the income from such investments be applied to making charitable dona=ons.

Under the terms of the seWlement, the trustees are able to apply the funds to any charitable purpose and in such manner as the trustees may from =me to =me in their discre=on determine, with special reference to the promo=on, maintenance, improvement, and advancement of educa=on of the arts of drama, mime, dance, singing and music.

The trustees have reviewed the policy of making dona=ons from income only and have decided to make larger dona=ons out of capital. The trustees consider the finances of the Founda=on to be strong enough to be able to execute this policy over the next few years.

Achievement and Performance

Charitable ac3vi3es

The trustees have made distribu=ons of £3,100 to chari=es out of income generated from investment assets for the financial year ending 5 April 2023.

The trustees have agreed to make larger dona=ons to several chari=es. Dona=ons are expected to be over £150,000 for the year ended 5 April 2024. In May 2023 the gi[ aid tax reclaim of £284,489 was received and dona=ons agreed can be made from the current cash held at CAF Bank.

Financial Review

The trustees received a major dona=on towards the end of the previous accoun=ng period and the charity remains in a strong financial posi=on. Total income for the year ended 5 April 2023 was £32,198 (2022: £1,425,633) with total funds of £2,171,876 (2022: £2,243,321).

During the year the funds invested fell in value by approximately 3.5%. Given the vola=le stock market condi=ons this represents a fair outcome. With the economic outlook con=nuing uncertain, however, the trustees have reviewed the investment policy as outlined below.

Cash reserves have decreased from £428,364 to £47,143 as the cash held in the investment fund has been invested.

Investment policy and objec3ves

The investment strategy by Evelyn Partners on behalf of the charity has been to manage the funds on a medium risk profile, aiming to grow the real value of capital ahead of infla=on. Funds have been managed with a long-term =me horizon and the investments are well diversified by asset class and include equi=es, fixed income, and alterna=ve assets (including gold, hedge funds and property). Returns were sought on a total return basis, with a balance of capital growth and income returns.

Post year end, the trustees have reviewed the investment policy and have decided that it should be changed to a more cau=ous risk profile with the emphasis being on priori=sing capital preserva=on. The trustees have instructed Evelyn Partners to implement this new investment policy.

The trustees have reviewed the guidance “Chari=es and investment maWers: a guide for trustees” issues by the Charity Commission and consider that the investment strategy undertaken by Evelyn Partners is appropriate.

Reserves policy

The Founda=on to date only makes dona=ons from income received on the investment poriolio however this will change in the next financial year and the reserve policy needs to change to ensure that sufficient capital is retained to meet the charitable commitments made by the Founda=on.

Future developments

The trustees acknowledge that currently the only source of income for The Founda=on is from Mr N Abraham and Ms N Leach. It is expected that following their deaths, the Founda=on would distribute the assets and be wound up within an agreed =mescale. The Deeds of the charity were amended in June 2023 to reflect this.

Structure governance and management

The charity is controlled by its governing document, a deed of trust and cons=tutes an unincorporated charity.

The Neville Abraham Founda=on is governed by the Deed of SeWlement dated 4 April 1989 as subsequently amended.

Trustees currently meet formally two =mes a year to consider grants to other chari=es, review investment performance and discuss maWers of a strategic and administra=on nature and informally at other =mes when necessary.

Risk management

The trustees have a duty to iden=fy and review risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have considered the risks and are sa=sfied there are appropriate controls in place.

Reference and Administra3ve details

Registered Charity number

328636

Principal address

Flat 15 85 Cadogan Gardens London SW3 2RD

Trustees

Ms N Leach Mr N Abraham CBE Ms F McWilliams Ms Y Majid

Independent reviewer

Mr D C Hobson BSc FCA CTA 8 Cae Mair Llanfair Dyffryn Clwyd Ruthin LL15 2AJ

Statement of Trustees’ responsibili3es

statements in accordance with applicable law and United Kingdom Accoun=ng Standards (United Kingdom Generally Accepted Accoun=ng Prac=ce).

The law applicable to chari=es in England and Wales, the Chari=es Act 2011, Charity (Accounts and Reports) Regula=on 2008 and the provisions of the trust deed requires the trustees 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 applica=on of resources, including the income and expenditure of the charity for that period, in preparing these financial statements, the trustees are required to

select suitable accoun=ng policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and es=mates that are reasonable and prudent;
state whether applicable accoun=ng standards have been followed, subject to an material departures disclosed and explained in the financial statements;
inappropriate to presume that the charity will con=nue in business;

The trustees are responsible for keeping proper accoun=ng records which disclose with reasonable accuracy at any =me the financial posi=on of the charity and to enable them to ensure that the financial statements comply with Chari=es Act 2011, the Charity (Accounts and Reports) Regula=ons 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 preven=on and detec=on of fraud and other irregulari=es.

Approved by order of the board of trustees on 30 October 2023

N Abraham CBE - Trustee

	The Neville Abraham Foundation	The Neville Abraham Foundation	The Neville Abraham Foundation	Charity No (if any)	328636	CC17a
	Annual accounts for the period
	Period start date	06/04/2022	To	Period end date	05/04/2023

Section A	Statement of	financial activities
Recommended categories by activity Details of own analysis Note Incoming resources (Note 3) Incoming resources from generated funds Voluntary income S01 Activities for generating funds S02 Investment income S03 Incoming resources from charitable activities S04 Other incoming resources S05 S06 Resources expended (Notes 4-8) Costs of Generating Funds Costs of generating voluntary income S07 Fundraising trading costs S08 Investment management costs S09 Charitable activities S10 Governance costs S11 Other resources expended S12 S13 S14 S15 S16 S17 S18 S19 S20 S21 *Total funds carried forward* Total funds brought forward *Net movement in funds* *Net incoming/(outgoing) resources before* *transfers* Gains and losses on investment assets Gains and losses on revaluation of fixed assets for the charity’s own use Other recognised gains/(losses) *Net incoming/(outgoing) resources before other* *recognised gains/(losses)* Gross transfers between funds *Total resources expended* *Total incoming resources*		Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05
		-	-	-	-	-
		1,655	-	-	1,655	1,414,170
		-	-	-	-	-
		30,543	-	-	30,543	11,463
		-	-	-	-	-
		-	-	-	-	-
		32,198	-	-	32,198	1,425,633

		-	-	-	-	-
		-	-	-	-	-
		-	-	-	-	-
		16,281	-	-	16,281	8,593
		3,100	-	-	3,100	7,480
		3,960	-	-	3,960	6,000
		2,250	-	-	2,250	-
		25,591	-	-	25,591	22,073
		6,607	-	-	6,607	1,403,560
		-	-	-	-	-
		6,607	-	-	6,607	1,403,560

		-	-	-	-	-
		79,852 -	-	-	79,852 -	24,849 -
		73,245 -	-	-	73,245 -	1,378,711
		2,245,121	-	-	2,245,121	866,410
		2,171,876	-	-	2,171,876	2,245,121

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Section B Balance sheet

Unrestricted funds £ F01	Restricted income funds £ F02	Endowment funds £ F03	Total this year Total last year £ £ F04 F05	Total this year Total last year £ £ F04 F05
-	-	-	-	-
-	-	-	-	-
1,840,965	-	-	1,840,965	1,536,923
1,840,965	-	-	1,840,965	1,536,923

-	-	-	-	-
284,489	-	-	284,489	282,834
-	-	-	-	-
47,143	-	-	47,143	428,364
331,632	-	-	331,632	711,198

720	-	-	720	3,000

330,912	-	-	330,912	708,198

2,171,876	-	-	2,171,876	2,245,121

-	-	-	-	-
-	-	-	-	-

2,171,876	-	-	2,171,876	2,245,121

2,171,876			2,171,876	2,245,121
-			-	-
	-		-	-
		-	-	-

2,171,876	-	-	2,171,876	2,245,121

Signature		Date of approval Print Name
		N Abraham CBE		30/10/2023

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Section C Notes to the accounts

Note 1 Basis of preparation

This section should be completed by all charities .

1.1 Basis of accounting

These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with:

Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2005);
and with* ü Accounting Standards; or Financial Reporting Standards for Smaller Enterprises (FRSSE);
and with the Charities Act.

1.2 Change in basis of accounting

There has been no change to the accounting policies (valuation rules and methods of accounting) since last year (§ except for the following).

1.3 Changes to previous accounts

No changes have been made to accounts for previous years (§§ except for the following).

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Section C Notes to the accounts (cont)

Note 2 Accounting policies

This standard list of accounting policies has been applied by the charity except for those deleted. Where a different or additional policy has been adopted then this is detailed in the box below.

INCOMING RESOURCES

Recognition of incoming	These are included in the Statement of Financial Activities (SoFA) when:
resources	• the charity becomes entitled to the resources;
	• the trustees are virtually certain they will receive the resources; and
	• the monetary value can be measured with sufficient reliability.
Incoming resources with	Where incoming resources have related expenditure (as with fundraising or contract income) the
related expenditure	incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations	Grants and donations are only included in the SoFA when the charity has unconditional
	entitlement to the resources.
Tax reclaims on donations and	Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to
gifts	which they relate.
Contractual income and	This is only included in the SoFA once the related goods or services have been delivered.
performance related grants
Gifts in kind	Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
	Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or
	distributed by the charity.
	Gifts in kind for use by the charity are included in the SoFA as incoming resources when
	receivable.
Donated services and facilities	These are only included in incoming resources (with an equivalent amount in resources expended)
	where the benefit to the charity is reasonably quantifiable, measurable and material_._The value
	placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer help	The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment income	This is included in the accounts when receivable.
Investment gains and losses	This includes any gain or loss on the sale of investments and any gain or loss resulting from
	revaluing investments to market value at the end of the year.
EXPENDITURE AND LIABILITIES
Liability recognition	Liabilities are recognised as soon as there is a legal or constructive obligation committing the
	charity to pay out resources.
Governance costs	Include costs of the preparation and examination of statutory accounts, the costs of trustee
	meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with performance	Where the charity gives a grant with conditions for its payment being a specific level of service or
conditions	output to be provided, such grants are only recognised in the SoFA once the recipient of the grant
	has provided the specified service or output.
Grants payable without	These are only recognised in the accounts when a commitment has been made and there are no
performance conditions	conditions to be met relating to the grant which remain in the control of the charity.
Support Costs	Support costs include central functions and have been allocated to activity cost categories on a
	basis consistent with the use of resources, eg allocating property costs by floor areas, or per
	capita, staff costs by the time spent and other costs by their usage.
ASSETS
Tangible fixed assets for use	These are capitalised if they can be used for more than one year, and cost at least £500. They
by charity	are valued at cost or a reasonable value on receipt.
Investments	Investments quoted on a recognised stock exchange are valued at market value at the year end.
	Other investment assets are included at trustees' best estimate of market value.
Stocks and work in progress	These are valued at the lower of cost or market value.
POLICIES ADOPTED	Not applicable
ADDITIONAL TO OR
DIFFERENT FROM THOSE
ABOVE

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Section C Notes to the accounts (cont)

Note 3 Analysis of incoming resources

Incoming resources may be further analysed if this would help the reader of the accounts.

Analysis	This year Last year £ £	This year Last year £ £
Donations received		1,131,336
Gift aid reclaim		282,834
Accrued interest ongift aid reclaim	1,655	-
	-	-
	-	-
Total	1,655	1,414,170

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

Income from Evelyn Partners portfolio	30,543	11,463
	-	-
	-	-
	-	-
	-	-
Total	30,543	11,463

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

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Section C Notes to the accounts (cont)

Note 4 Analysis of resources expended

Resources expended may be further analysed if this would help the reader of the accounts.

Analysis	This year Last year £ £	This year Last year £ £
	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

	-	-
	-	-
	-	-
Total	-	-

Donation to London School of Economics	1,250	1,250
Donation to Prisoners abroad charity	1,000	500
Donation to Maggini Quartet	750	1,000
Donation to Aldingbourne Trust	100	-
Donation to British Red Cross		1,000
Donation to National Theatre		2,480
Donation to Yehudi Menuin School		1,000
Donation to Royal Welsh College of Music and Drama		250






Total	3,100	7,480

	-	-
	-	-
	-	-
Total	-	-

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Section C Notes to the accounts (cont)

Note 5 Support Costs

Please complete this note if the charity has analysed its expenses using activity categories and has support costs.

Support cost type	Fundraising activity £	Charitable Activity £	Governance Activity £	Total Cost £
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
Total	-	-	-	-

Note 6 Details of certain items of expenditure

6.1 Trustee expenses

Please provide details of the amount of any payment or reimbursement of out-of-pocket expenses made to trustees or to third parties for expenses incurred by trustees. If no expenses were paid, please enter ‘None’ in the appropriate box(es).

Number of trustees who were paid expenses Nature of the expenses Total amount paid

This year	Last year
None	None

£0	£0

6.2 Fees for examination or audit of the accounts

Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner or auditor. If nothing was paid please enter NONE in the appropriate box(es).

*box(es).*
Other fees (for example: advice, consultancy, accountancy services) paid to the independent examiner or auditor Independent examiner’s or auditors' fees for reporting on the accounts	This year £	Last year £
	720	£6,000*
	3,240	0

Including £3,000 in relation to year ended 5/4/21 paid in the prior year

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Section C Notes to the accounts (cont)

Note 7 Paid employees The charity has no paid employees

7.1 Staff Costs

Fundraising Charitable Activities Governance Other Total Gross wages, salaries and benefits in kind The parts of the charity in which the employees work 7.2 Average number of full-time equivalent employees in the year Employer’s National Insurance costs Pension costs Total staff costs	This year £	Last year £
	-	-
	-	-
	-	-
	-	-

employees in the year	This year Number	Last year Number
Fundraising	-	-
Charitable Activities	-	-
Governance	-	-
Other	-	-
Total	-	-

7.3 Defined contribution pension scheme

Please complete if a defined contribution pension scheme is operated. Brief details of the scheme

The costs of the scheme to the charity for the year The amount of any contributions outstanding at the year end The amount of any contributions prepaid at the year end

	This year	Last year
	£	£

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Section C Notes to the accounts (cont)

Note 8 Grantmaking

Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken.

8.1 Total value of grants

8.1 Total value of grants
Purpose for which grants made	Grants to institutions Total amount £	Grants to individuals Total amount £
See Note 4	-	-
	-	-
	-	-
	-	-
	-	-
	-	-
*Total*	-	-

8.1 Grantmaking costs

If the charity’s accounts are prepared on the “activity basis” please give details of any support cost associated with grantmaking. Please enter “Nil” if the charity does not identify and/or allocate support costs.

Support costs of grantmaking

8.3 Grants made to institutions

If the charity has made grants to particular institutions that are material in the context of its grantmaking please give details of the institution supported, purpose of the grant and total paid to each institution listed. Sufficient information should be given to provide a reasonable understanding of the range of institutions supported.

Names of institutions	Purpose	Total amount of grantspaid £
	See Note 4	-
		-
		-
		-
		-
		-
		-
		-
		-
		-
*Total grants to institutions*		-

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Section C Notes to the accounts (cont)

Note 9 Tangible fixed assets

Please complete this note if the charity has any tangible fixed assets

9.1 Cost or valuation

Freehold land & buildings £	Other land & buildings £	Plant, machinery and motor vehicles £	Fixtures, fittings and equipment £	Payments on account and assets under construction £	Total £
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-

9.2 Accumulated depreciation and impairment provisions

SL or RB	SL or RB	SL or RB	SL or RB	SL or RB	SL or RB

-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-

-	-	-	-	-	-
-	-	-	-	-	-

9.4 Revaluation

If any fixed assets have been revalued please give details of the valuer and method of valuation

* The "transfers" row is for movements between fixed asset categories.

** Please indicate the method of depreciation by deleting the method not applicable (SL = straight line; RB = reducing balance). Also please indicate the rate of depreciation: for straight line, what is the anticipated life of the asset (in years); for reducing balance, what is the percentage annual deduction.

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Section C Notes to the accounts (cont)

Note 10 Investment assets

Please complete this note if the charity has any investment assets.

10.1 Fixed assets investments

Add/(deduct):net gain/(loss) on revaluation Carrying (market) value at beginning of year Carrying (market) value at end of year Add:additions to investments at cost Less:disposals at carrying value	£ 1,536,923 647,635 - 263,735 - 79,852 1,840,970 6
	1,536,923
	647,635
	- 263,735
	- 79,852
	1,840,970

Please provide below:

10.2 A breakdown of the market values of investments shown above agreeing with the balance sheet row B03.

10.3 A breakdown of the income from investments agreeing with SOFA row S03.

Investments in subsidiary or connected undertakings and companies Analysis of investments Other investments Total Investment properties Securities not listed on a recognised Stock Exchange Cash held as part of the investment portfolio Investments listed on a recognised stock exchange or held in common investment funds, open ended investment companies, unit trusts or other collective investment schemes	10.2 Market value at year end £	10.3 Income from investments for the year £
	-	-
	1,840,965	30,543
	-	-
	-	-
	9,905	-
	-	-
	1,850,870	30,543

10.4 Material investment holdings

If any single investment is material in terms of its value (for example represents more than 5 per cent of the value of the charity’s total investments) please provide details.

Investment held

Not applicable

Market Value

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Section C Notes to the accounts (cont)

Note 11 Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
-	-	-	-
-	-	-	-
282,834	282,834	-	-
1,655	-	-	-
284,489	282,834	-	-

Note 12 Creditors and accruals

Please complete this note if the charity has any creditors or accruals. 12.1 Analysis of creditors

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
720	3,000	-	-
720	3,000	-	-

12.2 Security over assets

If any loan, overdraft or other creditor holds a charge or other security over any assets of the charity please provide details.

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Section C Notes to the accounts (cont)

Note 13 Endowment and restricted income funds

Please complete this section if the charity has any endowment or restricted income funds.

13.1 Funds held

Please give a brief description of any of the following type of funds held by the charity:

permanent endowment funds (PE);
expendable endowment funds (EE); and
restricted income funds, including special trusts, of the charity (R).

Type PE, EE Fund Name Purpose and Restrictions or R Not applicable

13.2 Movements of major funds

Please give details of the movements of the major funds summarised in the restricted and endowment columns of the Statement of Financial Activities.

Fund names	Fund balances brought forward £	Incoming resources £	Outgoing resources £	Transfers £	Gains and losses £	Fund balances carried forward £
	-	-	-	-	-	-
	-	-	-	-	-	-
	-	-	-	-	-	-
	-	-	-	-	-	-
	-	-	-	-	-	-
	-	-	-	-	-	-
Total Funds	-	-	-	-	-	-

13.3 Transfers between funds

Please give details of any transfers between funds.

From Fund (Name) To Fund (Name) Reason Amount

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Section C Notes to the accounts (cont)

Note 14 Transactions with related parties

If the charity has any transactions with related parties (other than the trustee expenses explained in note 6) details of such transactions should be provided in this note. If there are no transactions to report, please enter “None” in the relevant boxes.

14.1 Remuneration and benefits

Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee or other related parties by the charity or any institution or company connected with it.

Name of trustee or connected party	Amounts paid or benefit value	Amounts paid or benefit value
	This year £	Last year £
Not applicable

14.2 Loans

Please give details of and amounts owing to or from the charity’s trustees or other related parties by the charity at the year end.

Name of trustee or connected party	Amount owing	Amount owing
	This year £	Last year £
Not applicable
Not applicable

14.3 Other transaction(s) with trustees or related parties

Please give details of any transaction undertaken by (or on behalf of) the charity in which a trustee or related party has a material interest.

*has a material interest.*
Name of the trustee or related party	Relationship to charity	Description of the transaction(s)	This year £	Last year £
Neville Abraham	Trustee	Donation	0	8,000
Nicola Leach	Trustee	Donation	0	1,123,336

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Section C Notes to the accounts (cont)

Note 15 Additional Disclosures

The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts. If there is insufficient room here, please add a separate sheet.

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