Gainsborough Trust
Charity commission number 1008543
April 1, 2023 – March 31, 2024
Trustees Annual Report
Despite the ongoing conflict in Gaza and in the country, we continue to provide services to many needy families whose challenges are even greater at this time.
We remain committed to supporting numerous families, individuals, and organizations.
Our dedication to this work persists, and we aspire to extend our assistance to those in need, whose gratitude continually fuels our mission.
Susan Marks
Secretary Gainsborough Trust
Gainsborough Trust The Gainsborough Trust Report and Financial Statements Year ended: 31 March 2024 Charity no: 1008543
Gainsborough Trust
Contents of the Financial Statements For The Year Ended 31 March 2024
| Page | |
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| Trustees Report | 1 - 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 - 8 |
Gainsborough Trust
Principal Office
1 Hendon Hall Court, Parson Street, Hendon, NW4 1QY
Charity Number: 1008543
Bankers
National Westminster Bank, Golders Green Branch. 21 Golders Green Road London NW11 8EB.
Report of the trustees for the year ended 31st March 2024
The trustees present their annual report and financial statements of the charity for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16th July, 2014. The report takes account of the requirement for Trustees to report annually on public benefit and the Trustees have had regard to the Charity Commission's guidance on public benefit.
Structure, governance and management
The Trust ("the Charity") is an unincorporated trust, constituted under a Trust Deed dated 12th March, 1991 as amended by a deed of amendment dated 27 May 2007 and is a registered charity, number 1008543. The Trust was established for the purpose of promoting the Orthodox Jewish religion and religious education generally and especially by providing financial assistance to religious institutions in Israel and to individuals and families in severe financial straits. The trust is managed by Neil Daniel Marks.
The Trustees who served during the year were as follows: -
Neil Daniel Marks, Chair of Trustees, Treasurer (appointed 1991) Susan Merle Marks, Secretary (appointed 1991)
Objectives and activities for the public benefit
The objects of the Trust are the promotion of education of Orthodox Jewish religion and to ease the burden of impoverished individuals and families in Israel. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
Despite the ongoing conflict in Gaza and in the country, we continue to provide services to many needy families whose challenges are even greater at this time.We remain committed to supporting numerous families, individuals and organisations.Our dedication to this work persists, and we aspire to extend our assistance to those in need,whose gratitude continually fuels our mission
.
Public benefit
Gainsborough Trusts' aims were carried out for the public benefit. This was achieved through giving financial support to religious institutions and to vulnerable individuals and families.
Financial review
The Trust's work is entirely reliant on income from donations.
Investment policy and performance
The Trust does not have any investments since most of the Charity's funds are spent in the short term.
Reserves policy
Since the Trust does not have any regular expenditure relating to support and governance, other than accountancy fees, the Trust has allocated all donations within unrestricted reserves.
Plans for the future
The Gainsborough Trust is a lasting testimony to the generosity and charitable concerns of the donors. We aim to increase our donor base to enable us to expand our efforts on behalf of educational institutions and impoverished individuals and families. Many of these families either have one of the main breadwinner that are unable to work due to poor health or other members of the household that need expensive and extensive medical intervention.
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) 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:
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select suitable accounting policies and then apply them consistently
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observe the methods and principles of the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any
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departures disclosed and explained in the financial statements; and;
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prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy 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 provision 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.
Approved by the trustees on 8 October 2024
ND Marks CHAIR OF TRUSTEES
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Gainsborough Trust
Statement of Financial Activities for the year ending 31 March 2024
| Total Incoming resources Incoming resources from generated funds: Voluntary income: Donations Total incoming resources Resources expended Charitable activities Donations 11 Cost of grant making Governance costs 3 Total resources expended Net (outgoing)/ incoming resources before transfers Transfers Gross transfers between funds Net (outgoing)/ incoming other recognised gains and losses Other recognised gains and losses: Net Movement in funds Total Funds carried forward Note Reconciliation of Funds Total Funds brought forward |
96,472 69,501 96,472 69,501 95,969 68,340 95,969 68,340 815 815 96,784 69,155 (312) 346 - - - - (312) 346 - - (312) 346 1,285 939 973 1,285 2024 2023 Unrestricted Unrestricted Funds Funds £ £ |
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3
Gainsborough Trust Statement of Financial Position as at 31 March 2024
| Note Current assets: Cash at bank and in hand 5 Creditors falling due within one year 6 Net assets The funds of the charity: Restricted income funds Unrestricted income funds Total charity funds |
2024 2023 £ £ 1,788 2,100 (815) (815) 973 1,285 - - 973 1,285 973 1,285 |
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The notes at pages 5 to 8 form part of these accounts
Approved by the trustees on 8th October 2024 and signed on their behalf by:
Neil Daniel Marks
CHAIR OF TRUSTEES
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Gainsborough Trust Notes to the Financial Statements For The Year Ended 31 March 2024
Notes to the accounts
1. Accounting Policies
(a ) Basis of preparation
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in in the UK and the Republic of Ireland (FRS 102) issued on 16th July 2014 and the Charities Act 2011.
The Trustees have chosen to early adopt the Update Bulletin 1 issued by the Charities Commission on 2nd February 2016 which exempts the charity from the need to prepare a Statement of Cash Flows.
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern
(b) Income recognition
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised once received.
(c) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity.
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Gainsborough Trust Notes to the Financial Statements - ctd For The Year Ended 31 March 2024
(d) Financial Instruments
The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.
(e) Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to accountancy fees.
(f ) Funds structure
The Charity has a single permanent fund which is wholly unrestricted.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.
Unrestricted income 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 a specific purpose.
(g ) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise.
2. Related party transactions and trustees' remuneration
The Trustees received no emoluments or reimbursement of expenses (2023 – nil). In the opinion of the Trustees there were no related party transactions requiring disclosure in the accounts.
The Charity has no ultimate controlling party.
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Gainsborough Trust Notes to the Financial Statements - ctd
For The Year Ended 31 March 2024
3. Analysis of governance costs
| 3. Analysis of governance costs Accountancy fees Bank charges 4. Accountancy fees The accountancy fees constituted a fee of £815 (2023 - £815). 5. Cash at bank National Westminster Bank Plc - Current Account 6. Creditors: Amounts falling due within one year Accruals |
2024 2023 £ £ 815 815 0 0 2024 2023 £ £ 1,788 2,100 2024 2023 £ £ 815 815 |
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7. Financial Instruments
At the year end the Charity had no liabilities that were classified as financial instruments.
8. Grant commitments
The Charity had no commitments at the balance sheet date to pay grants awarded.
9. Contingencies
There were no contingencies at the balance sheet date.
10. Guarantees
The Charity has given no guarantees or other indemnities.
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Gainsborough Trust Notes to the Financial Statements - ctd For The Year Ended 31 March 2024
11. Analysis of donations
| Recipients of donations Higher education Basic education of Jewish principles Destitute families Religious Center for Prayer and Learning Assistance for poor brides |
Donations to Donations to institutions individuals £ £ 23,693 11,844 51,452 8,980 35,537 60,432 |
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Total
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CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Gainsborough Trust On accounts for the year ended 31 March 2024 Charity no (if any} 1008543 Set out on pages 1-8 I report to the trustees on my examination of the accounts of the above charity {"the Trust") for the year ended 31 March 2024 Responsibilities and basis of report As the charitys trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("Ihe Act°)- I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying 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 (ethep dise10") which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records,. or I have no cOnmS 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. Please delete the words in the brackets rf they do not apply. Signed: Date: 14 October 2024 Name: Dov Owen CTA A Relevant professional qualification(s) or body artere nstitute o axation Association of Tax Technicians Association of Accountin Technicians IER Oct 2018
(if any): Address: 5 Golders Close Edgware HA8 9QD Section B Disclosure Only complete if the examiner needs to highlight material matters of conrn (see CC32. Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018