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2024-04-05-accounts

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

Charity Number 1002697

THE PARK LANE CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2024

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

CONTENTS
Pages
Charity Information – Legal and Administrative 1
Report of the Trustees 2 - 4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 -11

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M A Pfeffer
D Black
L Seitler
Chief Executive M A Pfeffer
Registered Charity Number 1002697
Examiners Royce Peeling Green Limited
Chartered Accountants
The Copper Room
Deva Centre
Trinity Way
Manchester
M3 7BG
Bankers Lloyds TSB Bank Plc
PO Box 358
53 King Street
Manchester
M60 2ES
Solicitors BBS Law
First Floor, The Edge, Clowes Street
Manchester
M3 5NA
Principal Office 33 Singleton Road
Salford
Manchester
M7 4NN

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Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their report together with the financial statements of the Charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1, and comply with the Charity’s governing documents, the Charities Act 2011 and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP FRS 102).

Legal and administrative information set out on page 1 forms part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Park Lane Charitable Trust is an unincorporated Trust and is governed by its Deed of Appointment dated 23 March 1990 as amended by a Scheme dated 10 June 1996.

The Trust does not actively fund raise and seeks to continue its activities through careful stewardship of its existing resources.

The Trustees usually aim to meet quarterly to agree the ongoing broad strategy and areas of activity for the Trust including consideration of grant making, investment, reserves and risk management.

The day to day management of grants and their processing is delegated to the Chief Executive and the Administrator.

Related Parties

The Charity has a close relationship with Evenproducts Limited and Alex Pfeffer 1990 Trust in that Mr M A Pfeffer is a Director of Evenproducts Limited and has family connections with the Trustees of Alex Pfeffer 1990 Trust.

Risk Management

The Trustees have implemented a risk management strategy which comprises:

To date these have mainly related to investment management and have been ameliorated by diversified portfolio management.

OBJECTIVIES AND ACTIVITIES

The object of the Charity is the support, although not exclusively, of Jewish and Israeli educational and welfare institutions but no part shall be applied for the benefit of any objects save those regarded as charitable by the laws of England and Wales.

Procedures and Policy for Grant Making

The Trustees meet regularly to consider what grants they will make and to review any feedback they have received. Nominations for grants are elicited by formal and informal means.

The Trustees make some grants with no formal application; organisations usually submit a formal application saying how the funds would be used and what would be achieved.

The Trustees have a policy that they make one-off grants with no guarantees of future funding.

The Trustees usually receive feedback on the actual use of the grants given where these are of a substantial nature and the achievements made. The explanations and feedback received are sufficient for monitoring the quality of the grants made.

The Trustees have engaged the services of S J Compliance to ensure they are up to date with and compliant to all relevant legislation.

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Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued)

The main recipients of donations during the year (greater than £7,500) were as follows:

AISH Better World Bnos Beis Yaacov Broome Foundation Hatzalah Israel Laniado MDA My Voice London The Fed Yad Sarah Zaka

ACHIEVEMENTS AND PERFORMANCE

During the year the Trust has been able to continue its support of Jewish and Israeli educational and welfare institutions; in some instances commitment has been made to assist certain projects being undertaken by the donee institution.

FINANCIAL REVIEW AND INVESTMENT POLICY

The fund generated income of £402,895 (2023 - £1,010,282), with net outgoing resources (including profits on investment disposals) in the year to 5 April 2024 of £70,343 (2023 - £222,090).

There are no restrictions on the Charity’s power to invest. The Trustees consider the income requirements, the risk profile and the investment managers’ view of the market prospects. This strategy is set within an overall policy which states that the fund is to be invested in low and medium risk investments with a view to ensuring that an overall capital appreciation of the fund is maintained. The unrestricted fund may be invested in any type of investment. Our strategy is reviewed annually with our investment managers.

Reserves Policy

It is the policy of the Charity to maintain the level of free reserves (that is those funds not tied up in fixed assets) at a level sufficient to meet the requirements of the Charity.

PLANS FOR FUTURE PERIODS

The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to timing and scale of grant making.

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Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued)

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

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 Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the Trustees are required to:

The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of controls, financial or otherwise. They are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable Accounting Standards, Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP FRS102), the regulations under s130 of the Charities Act 2011 and the Charity’s governing documents. 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.

INDEPENDENT EXAMINER

The independent examiner, Royce Peeling Green Limited, will be proposed for re-appointment at the next Annual General Meeting.

Approved by the Trustees and signed on their behalf by:

M.A. Pfeffer – Trustee

Date: 03 January 2025

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Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PARK LANE CHARITABLE TRUST

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 6 to 11.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Royce Peeling Green Limited Chartered Accountants The Copper Room Deva Centre Trinity Way Manchester M3 7BG

Dated: 06 January 2025

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Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Incoming Resources
Notes
Investment income
Donations received
2
Total Incoming Resources
Resources Expended
Costs of generating funds
3
Miscellaneous
Charitable expenditure
4
Governance costs
5
Net Incoming/ (Outgoing) Resources
Other Recognised Gains and Losses
(Losses)/gains on investments
6
Unrealised gains on revaluation of
Investments
6
Net Movement in Funds
Balance at 6 April 2023
Balance at 5 April 2024		 Unrestricted
Total Funds
Total Funds
Funds
2024
2023
£
£
£
227,895
175,000
227,895
175,000
150,282
860,000
402,895
402,895
1,010,282
151
151
-
15,457
15,457
6,348
327,389
327,389
278,218
1,850
1,850
1,800
344,847
344,847
286,366
58,048
58,048
723,916
-
-
64,276
274,504
274,504
-
332,552
332,552
788,192
1,726,503
1,726,503
938,311
2,059,055
2,059,055
1,726,503

All gains and losses recognised in the year are included in the above Statement of Financial Activities. All of the above results are derived from continuing activities.

Unrealised gains are also dealt with in the above Statement of Financial Activities.

The notes on pages 8 to 10 form an integral part of these financial statements

6

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2024

2024 2024 2023 2023
FIXED ASSETS Notes £ £ £ £
Investments 6 2,259,608 1,569,281
CURRENT ASSETS
Cash at bank 1,163,344 1,330,659
Debtors 7 126,111 271,111
Total current assets 1,289,455 1,601,770
Creditors: amounts falling due
within one year 8 (1,490,008) (1,444,548)
Net Current Assets (200,553) 157,222
Total Net Assets 2,059,055 1,726,503
Unrestricted Funds 9 2,059,055 1,726,503
Funds 2,059,055 1,726,503

Approved by the Trustees on and signed on their behalf by

M.A. Pfeffer - Trustee

The notes on pages 8 to 10 form an integral part of these financial statements

7

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. ACCOUNTING POLICIES

1.1

Basis of Accounting

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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Incoming Resources

Investment income is recognised as soon as the Charity becomes entitled to it, subject to the income being capable of financial measurement.

1.3 Resources Expended

Expenditure is recorded once the Trust has made an unconditional commitment to pay the grant, and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.

Other expenditure included on an accruals basis.

“Costs of generating funds” comprise those costs directly attributable to generating incoming resources and to managing the investment portfolio.

“Charitable activities” – the Charity undertakes its charitable objectives by grant making to a number of institutions and individuals.

“Governance costs” comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice which include those relating to statutory audit.

1.4 Value Added Tax

Value added tax is payable by the Charity on its rental income as an “Opt to Tax” registration claim was made to HM Revenue & Customs; all expenditure, as appropriate, is disclosed net of VAT.

1.5 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities.

8

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (continued)

2.
INVESTMENT INCOME
Interest on cash deposits
Other interest
Rental income
Property syndicate income
Other income
3.
COSTS OF GENERATING FUNDS
Portfolio management fees
Profit on foreign exchange
Bank charges
4.
CHARITABLE EXPENDITURE
Grants made during year
5.
GOVERNANCE COSTS
Examination
6.
FIXED ASSETS
Investment Property
At 6 April 2023
Profit / (Loss) on revaluation
At 5 April 2024
Investments
At 6 April 2023
Additions during year
Disposals during year
Profit/(Loss) on revaluation
At 5 April 2024
Total Investments – at 5 April 2024		 2024
£
45,369
18,052
110,297
54,177
-
227,895
2024
£
-
-
151
151
2024
£
327,389
2024
£
1,850
2024
£
525,496
274,504
800,000
1,043,785
415,823
-
-
1,459,608
2,259,608		 2023
£
-
12,139
93,584
44,559
-
150,282
2023
£
-
-
-
-
2023
£
278,218
2023
£
1,800
2023
£
525,496
-
525,496
1,095,778
55,620
(107,613)
-
1,043,785
1,569,281

9

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (continued)

Investment Property £800,000 (2023 - £650,000)

7. DEBTORS

Others
CREDITORS: Amounts falling due within one year
Other creditors
Accruals
Other creditors – property deposit
MOVEMENT IN FUNDS
Unrestricted Funds
At 6 April 2023
Incoming resources (including recognised gains)
Outgoing resources (including unrecognised gains/(losses)
At 5 April 2024		 2024
£
126,111
2024
£
1,444,508
500
45,000
1,490,008
2024
£
1,726,503
402,895
(70,343)
2,059,055		 2023
£
271,111
2023
£
1,444,048
500
-
1,444,548
2023
£
938,311
1,074,558
(286,366)
1,726,503

8. CREDITORS: Amounts falling due within one year

9. MOVEMENT IN FUNDS

Purpose of Unrestricted General Funds

These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

10

Docusign Envelope ID: 4692CBC1-E2AB-44D9-973F-4FD8A88143D0

THE PARK LANE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (continued)

10. RELATED PARTIES

There is a creditor balance due to Alex Pfeffer 1990 Trust at 5 April 2024 of £1,439,907 (2023 - £1,439,907).

There is a debtor balance due from Evenproducts Limited at 5 April 2024 of £nil (2023 - £250,000) .Interest is charged on these loans at a rate above base rate.

11. STAFF COSTS AND TRUSTEES’ REMUNERATION

There are no employees – see note 1.5 “Donated Services”.

Trustees received no remuneration (2023 - £nil) and were not reimbursed any expenses in the year (2023 - £nil).

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