## **BDB PITMANS CHARITABLE TRUST**
**REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024**
## **BDB PITMANS CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees are pleased to present their annual Trustees’ report together with the financial statements of the Charity for the year ending 5 April 2024.
## **Reference and administrative information**
Name of Charity BDB Pitmans Charitable Trust (the Charity) Charity Registration Number 803150
Address of the Principal Office of One Bartholomew Close, London EC1A 7BL the Charity Trustees John Matthew Stephenson (retired 18 January 2024) Sheilagh Patricia Magee John Christopher Hutchinson (retired 6 February 2024) Sarah Margaret Williams (appointed 18 January 2024) Richard James Langley (appointed 6 February 2024)
Solicitors Broadfield Law UK (formerly BDB Pitmans LLP) One Bartholomew Close London EC1A 7BL Stockbrokers Rathbones Investment Management 8 Finsbury Circus London EC2M 7AH Independent Examiner Julia Strike TEP One Bartholomew Close London EC1A 7BL
## **Structure Governance and Management**
## **Governing document**
Deed dated 1 March 1989 established the Trust.
New Trustees are recruited from the partners of BDB Pitmans LLP by a process of consultation amongst the partners. The managing partner is usually a Trustee.
The Trustees have considered all material risks facing the Charity and confirm that procedures are in place to manage those risks.
Bircham Dyson Bell LLP merged on 1 December 2018 with Pitmans LLP to become BDB Pitmans LLP. The Trustees agreed to arrange for the Charity to be renamed the BDB Pitmans Charitable Trust (previously known as Bircham Dyson Bell Charitable Trust) on 10 June 2019.
## **Objectives and Activities**
The Trust was established in 1989 with general charitable objects to apply the Trust Funds and the income thereof to or towards such charitable purposes, charitable institutions or charitable foundations in such manner and in such proportions as the Trustees shall in their absolute discretion think fit. The Trustees therefore intend to use the funds for the public benefit.
1
18826982.1
## **BDB PITMANS CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees are willing to accept legacy funds which may carry special objectives. The De Marwitz Fund is held on such terms and considers applications to provide for the care of the sick and in particular for those suffering from Aids. The applications for the General Fund are considered within the general charitable objectives as received. The Trustees, mindful of their responsibilities of public benefit, in consultation with the firm’s corporate social responsibility group, established a separate fund to encourage charitable giving by the staff: namely the Employee Fund. In 2021/22 this was merged with the General Fund to simplify the administration.
## **Achievements and Performance**
Donations received in the General Fund are usually distributed to charities either designated by the donor or decided upon by the Trustees and Employees. There are no set restrictions on these funds. No donations were made over the period from the De Marwitz Fund which continues to hold investments.
The Trustees met formally in June and December to consider appeals received from all sources in connection with the General Fund, which met their criteria of being for the public benefit. They have been pleased with the feedback from causes previously supported and continued to offer support to them without making a commitment to future funding. There have been several new causes supported.
## **Financial Review**
The Trust received income of £38,939 (2023: £41,826). At the year end, the Trust Funds were held in investments and cash. No administration fees are paid to BDB Pitmans LLP, who administer the Fund. Grants of £32,000 were made during the year (2023: £31,250).
## **Investment Policy:**
The Trustees have instructed Rathbones Investment Management to advise on their investments in the De Marwitz Fund. The Trustees’ policy is to maintain a balance between capital and income and a medium level of risk, as defined by the managers, has been specified. The Trustees receive six monthly reports from the manager and review the performance of the funds against the indices. The Trustees consider these reports and meet with the manager at least once a year. It is their intention to continue to review the performance at their regular meetings.
The investment portfolio showed a gain of £2,974 in market value over the year (2023: unrealised losses of £1,515). Realised losses of £246 were made during the year (2023: £nil). The Trustees continue to consider the impact on the investment portfolio of the war in Ukraine and the current economic difficulties in both income and capital terms and do not have concerns about this Charity as a going concern.
## **Reserves Policy**
The Trustees intend to expend the income arising in the year to suitable causes. Any surplus will be retained on the Unrestricted Fund rather than as a specific reserve. Given the funds in hand, they should be in a position to meet any commitments rather than relying on a specific reserve, particularly as it is not their policy to commit to projects. The Trustees consider the level of reserves shown in the accounts with a view to making additional distributions in future years.
2
18826982.1
## **BDB PITMANS CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2024**
## **STATEMENT OF TRUSTEE 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 & 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 period. In preparing these 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;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper 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 Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.
Date…………………………….. 05/02/2025
S Magee
………………………………………
## **Trustee**
3
18826982.1
BDB PITMANS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR
ENDED 5 APRIL 2024
I report on the accounts of the Fund for the year ended 5 Awil 2024. vthich are set out on pages 5 to
11.
Respectlve responsibilltles of trusteos and examlner
The Trustees are responsible for the preparation of the accounts The Trustees consider that an audit
Is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Acl) and that an
independent examination is needed. Having satlsfied myself that the tharity is not subject to aLKIit
under company law and 5s eligible for indendent examination. it is my responsibility to:
examine the accounts under section 145 of the 2011 Acl,.
follow the procedures laid down in the general Directlons gfven by the Chaflty Cornmlsslon
under section 145(5)(b) of the 2011 Acl.. and
state whether particular matters have Come to ry attention.
Basls of Independont examlnofs report
My examination was carried out in acctydance with the general Dire¢tion$ glven by the Charity
Commission. An examination includes a review of the accounting records kept by the charlty and a
comparison of the accounts presented wtlh those records. It also includes Consideratlon of any unusual
items or disdosures in the accounts, and seeking explanations from you as trustees concerning any
such matters. The procedures undertaken do not provide all the evidence that would be required in an
audit and consequentty no oplnlon is glven as to whether the accounts present a "true and fair vl
and the report is Mited to those matteTr set out in the $l*ment bekny.
Independent examIne8 8tatoment
In connection with examination, no matter has corrE to rny attention:
whlch gprfes me reasonable cause to believe that. in any material respect. the requirements:
to keep accounting records In a(xordarKe with section 130 of the 2011 Act.. and
to prepare accounts which accord with the accounting records and comply with thé
accounting requirements of the 2011 Act
h8ve not been met; or
to which, in my opinion, attentio
the accounts to be reached.
shoukl be drawn in order to enable a proper understandlng of
Julia Strike TEP
One Bartholomew Close, Lon
on. EC1A 7BL
Date.....
>70747 1
## **BDB PITMANS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024**
|**Notes**
**Expendable**
**Endowment**
**2024**
**Income and Expenditure**
**£**
**Income and Endowments from:**
Donations (including gift aid)
**2**
-
Investments
**2**
907
Other income
**2**
-
2021/22 creditors - written back
-
**Total**
**907**
**Expenditure on:**
Fundraising costs
**3**
414
Charitable expenditure:
**4**
-
**Total expenditure**
**414**
**Net income / (expenditure)**
**493**
**Other recognised gains and losses**
Gains (losses) on investments
Realised
**5**
(246)
Unrealised
**5**
2,974
**Net movement in funds**
**3,221**
**Reconciliation of funds:**
Balances brought forward from previous year
46,615
**Balances carried forward at year end**
**49,836**|**Expendable**
**Endowment**
**2024**
**£**
-
907
-
-|**General**
**Fund**
**2024**
**£**
38,007
-
25
-|**Total**
**Funds**
**2024**
**£**
**38,007**
**907**
**25**
**-**|**Total**
**Funds**
**2023**
**£**
38,643
837
34
2,312|
|---|---|---|---|---|
||**907**
414
-|**38,032**
-
32,000|**38,939**
**414**
**32,000**|**41,826**
408
31,250|
||**414**|**32,000**|**32,414**|**31,658**|
||||||
||**493**
(246)
2,974|**6,032**
-
-|**6,525**
**-**
**2,974**|**10,168**
-
(1,515)|
|||**6,032**
88,031|**9,253**
**134,646**|**8,653**
125,993|
||**49,836**|**94,063**|**143,899**|**134,646**|
The notes on pages 7 to 11 form part of the financial statements.
A breakdown of the Funds in the 2022/23 Statement of Financial Activities is shown on page 11 (without 2021/22 comparatives).
5
## **BDB PITMANS CHARITABLE TRUST**
## **BALANCE SHEET As at 5 April 2024**
|**Notes**
**Fixed Assets**
Investments
**5**
**Current Assets**
Cash at bank
**6**
Debtors
**7**
Creditors
**8**
**Net current assets**
**Net Assets**
**Reserves:**
Expendable Endowment
**10**
**10**
General Fund - (including
Employee Fund)|**£**
**£**
36,795
40,504
75,000
115,504
8,400
107,104
**143,899**
49,836
94,063
**143,899**
**2024**|**£**
**£**
36,795
40,504
75,000
115,504
8,400
107,104
**143,899**
49,836
94,063
**143,899**
**2024**|**£**
**£**
33,942
28,704
75,000
103,704
3,000
100,704
**134,646**
46,615
88,031
**134,646**
2023|**£**
**£**
33,942
28,704
75,000
103,704
3,000
100,704
**134,646**
46,615
88,031
**134,646**
2023|
|---|---|---|---|---|
||115,504
8,400||103,704
3,000||
||||||
|||**143,899**||**134,646**|
|||49,836
94,063||46,615
88,031|
|||**143,899**||**134,646**|
The notes on pages 7 to 10 form part of the financial statements.
The accounts were approved on behalf of the trustees on ………….......................................and05/02/2025 signed on their behalf by
S Magee Trustee
6
## **BDB PITMANS CHARITABLE TRUST**
**Notes forming part of the financial statements 5 April 2024**
## **1 ACCOUNTING POLICIES**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements.
## **(a)** _**General**_
The financial statements have been prepared in accordance with 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 (SORP (FRS 102)) second edition (October 2019), the Charities Act 2011, and UK Generally Accepted Accounting Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Charities SORP (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **(b)** _**Funds**_
The General Fund comprises unrestricted funds which the Trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund (The De Marwicz Fund) represents those assets which are held for the benefit of charities as directed by the donor.
## **(c)** _**Grantmaking**_
Grants are recognised when the Trustees have a decision to make a payment and that decision has been communicated to the recipient and it is probable that payment will take place. The recognition of any liability will be dependent on any conditions attaching to the commitment.
## **(d)** _**Income and Expenditure**_
Income is recognised when the Trust is entitled to the receipt and the amount can be measured with reasonable certainty. Expenditure is stated gross and is accounted for when paid. Investment management charges are shown as fundraising costs, all other expenses are charitable support costs (none in 2022/23).
## **(e)** _**Investments**_
Investments represent UK quoted securities and are stated at market value.
## **(f)** _**Going Concern**_
The Trustees have considered the Charity's financial position and the likely impact of the war in Ukraine and the current economic crisis on the financial markets and its future investment income. The Trustees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are are no material uncertainties about the Charity’s ability to continue as a going concern.
7
## **BDB PITMANS CHARITABLE TRUST**
## **Notes forming part of the financial statements 5 April 2024**
|**2 **
**3 **
**4 **|**INCOME FROM DONATIONS**
General Fund - partners' annual payment - including tax refund
General Fund (formerly the Employee Fund)
**OTHER INCOME**
Investment income
Bank deposit interest
HMRC Supplement
**FUNDRAISING COSTS**
Rathbones fees
**EXPENSES - Charitable Expenditure**
Charitable Grants (all to institutions)
The charity made the following grants to institutions from the General Fund
2024 : 27 grants
32,000
£
(2023 : 25
grants
31,250
£
)
**Total charitable expenditure**|**2024**
**£**
37,500
507
907
13
12|**2023**
**£**
37,500
1,143
837
-
34|
|---|---|---|---|
|||**38,939**|**39,514**|
|||**2024**
**£**
**414**|**2023**
**£**
**408**|
|||**2024**
**£**
32,000|**2023**
**£**
31,250|
|||**32,000**|**31,250**|
## **DISCLOSURE OF TRUSTEES REMUNERATION, BENEFITS AND EXPENSES**
None of the trustees have been paid any remuneration or received any other benefit from an employment with their charity or a related entity; no trustee expenses have been incurred nor have there been any related party transactions in the reporting period that require disclosure. (2023 also nil in all cases.)
## **INDEPENDENT EXAMINATION FEES**
No independent examination fees were charged in 2024 (2023 - nil).
|**5 **|**INVESTMENTS**||||**Net**||
|---|---|---|---|---|---|---|
|||**Balance 6**|**Purchases**||**Gains/**|**Balance 5**|
|||**April 2023**|**at cost**|**Disposals**|**(Losses)**|**April 2024**|
|||**£**|**£**
|**£**
|**£**
|**£**|
||UK Quoted Securities|**33,942**|**3,841**|**3,716**|**2,728**|**36,795**|
||||Realised gains/(losses)||(246)||
||||Unealised gains/(losses)||2,974||
Historic cost as at 5 April 2024 is £ 29,089 (2023: £27,778) The De Marwicz Fund is the only fund that holds investments.
8
## **BDB PITMANS CHARITABLE TRUST**
## **Notes forming part of the financial statements 5 April 2024**
|**6 CASH AT BANK**
Rathbones Investment Management (De Marwicz Fund)
BDB Pitmans LLP client account
**7 DEBTORS**
H M Revenue & Customs - tax repayment
Grants receivable
**8 CREDITORS**
Unpaid Grants
**9 EXPENDABLE ENDOWMENT**
**Income**
**£**
**£**
**De Marwicz Fund**
**907**
**Balance 6**
**April 2023**
**46,616**|**Expenditure**
**£**
**414**|**2024**
**£**
335
40,169|**2023**
**£**
842
27,862|
|---|---|---|---|
|||**40,504**|**28,704**|
|||**2024**
**£**
15,000
60,000|**2023**
**£**
15,000
60,000|
|||**75,000**|**75,000**|
|||**2024**
**£**
**8,400**|**2023**
**£**
**3,000**|
|||**Gains/**
**(Losses)**
**£**
**2,728**|**£**
**49,837**
**Balance 5**
**April 2024**|
The De Marwicz Fund was set up out of a legacy from the Estate of Miss M De Marwicz to provide care for the sick, and in particular those suffering from AIDS.
## **10 ANALYSIS OF ASSETS BETWEEN FUNDS**
|Expendable Endowment
De Marwicz Fund
General Fund (including Employee Fund)
**Total**
Expendable Endowment
De Marwicz Fund
General Fund (including Employee Fund)
**Total**
**£**
33,942
**33,942**
-
**£**
36,794
-
**36,794**
**Investments**
**Investments**|Expendable Endowment
De Marwicz Fund
General Fund (including Employee Fund)
**Total**
Expendable Endowment
De Marwicz Fund
General Fund (including Employee Fund)
**Total**
**£**
33,942
**33,942**
-
**£**
36,794
-
**36,794**
**Investments**
**Investments**|**Cash**
**£**
13,043
27,461|**Debtors**
**£**
-
75,000|**Creditors**
**£**
-
(8,400)|**£**
49,837
94,061
**Total 5**
**April 2024**|
|---|---|---|---|---|---|
||**36,794**|**40,504**|**75,000**|**(8,400)**|**143,898**|
|||**Cash**
**£**
12,674
16,030|**Debtors**
**£**
-
75,000|**Creditors**
**£**
-
(3,000)|**£**
46,616
88,030
**Total 5**
**April 2023**|
||**33,942**|**28,704**|**75,000**|**(3,000)**|**134,646**|
9
## **BDB PITMANS CHARITABLE TRUST**
**Notes forming part of the financial statements 5 April 2024**
## **11 RELATED PARTIES**
BDB Pitmans LLP received no remuneration from the Charity during the period. There were no staff costs. The Trustees did not receive any remuneration or reimbursement of expenses during the period.
10
## **BDB PITMANS CHARITABLE TRUST**
## **2022/23 STATEMENT OF FINANCIAL ACTIVITIES Showing the split between the Expendable Endowment and other Funds**
|**Income and Expenditure**
**Income and Endowments from:**
Donations (including gift aid)
Investments
Other income - deposit interest
2021/22 creditors written back
**Total**
**Expenditure on:**
Fundraising costs
Charitable expenditure:
**Total expenditure**
**Net income / (expenditure)**
**Other recognised gains and losses**
Gains (losses) on investments
Realised
Unrealised
**Net movement in funds**
**Reconciliation of funds:**
Balances brought forward from previous year
**Balances carried forward at year end**|**£**
-
837
-
-
**Expendable**
**Endowment**
**2023**|**£**
38,643
-
34
2,312
**General**
**Fund 2023**|**£**
38,643
837
34
2,312
**Total Funds**
**2023**|
|---|---|---|---|
||**837**
408
-|**40,989**
-
31,250|**41,826**
408
31,250|
||**408**|**31,250**|**31,658**|
|||||
||**429**
-
(1,515)|**9,739**
-
-|**10,168**
-
(1,515)|
||**(1,086)**
47,701|**9,739**
78,292|**8,653**
125,993|
||**46,615**|**88,031**|**134,646**|
11