REGISTERED CHARITY NUMBER: 1053660
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2023
for
RS Charitable Trust
Martin+Heller 5 North End Road London NW11 7RJ
RS Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
RS Charitable Trust
Report of the Trustees for the Year Ended 5 April 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity was established to support the activities of religious Jewish organisations recognised as charitable by English law both in the UK and abroad, especially those in the field of education and relief of poverty.
The Charity receives income from its investment properties which it utilises in the provision of grants to organisations that fall within the objectives of the Charity.
The Charity also receives donations from third parties which are then utilised the same way as above.
Significant activities
The Charity continued to procure significant income from its investments in the sum of £324,839 and made significant grants in the sum of £181,750.
Public benefit
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.
Grantmaking
Grants are made to charitable institutions and organisations which accord with objects of the Charity.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from income from the investments.
The Statement of Financial Activities shows a surplus of £47,874 after making total grants of £181,750 and the reserves stand at £2,930,431.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
The trustees plan to maximise the level of donations received and the investment income whilst continuing to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 13 February 1996 and constitutes as unincorporated charity.
Page 1
RS Charitable Trust
Report of the Trustees for the Year Ended 5 April 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1053660
Principal address
138 Stamford Hill London N16 6QT
Trustees
S N Freudenberger H C Freudenberger C Margulies A Freudenberger
Independent Examiner
A Heller Martin+Heller 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ H C Freudenberger - Trustee
Page 2
Independent Examiner's Report to the Trustees of RS Charitable Trust
Independent examiner's report to the trustees of RS Charitable Trust
I report to the charity trustees on my examination of the accounts of RS Charitable Trust (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
A Heller
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
RS Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2023
| 5.4.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 6,000 Investment income 2 324,839 Total 330,839 EXPENDITURE ON Charitable activities Donations to institutions 181,750 Other 101,215 Total 282,965 NET INCOME 47,874 RECONCILIATION OF FUNDS Total funds brought forward 2,882,557 TOTAL FUNDS CARRIED FORWARD 2,930,431 |
5.4.22 Total funds £ - 249,985 |
|---|---|
| 249,985 | |
| 164,520 32,910 |
|
| 197,430 | |
| 52,555 2,830,002 |
|
| 2,882,557 |
The notes form part of these financial statements
Page 4
RS Charitable Trust
Balance Sheet 5 April 2023
| 5.4.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 4,079,672 CURRENT ASSETS Cash at bank 169,170 CREDITORS Amounts falling due within one year 7 (115,186) NET CURRENT ASSETS 53,984 TOTAL ASSETS LESS CURRENT LIABILITIES 4,133,656 CREDITORS Amounts falling due after more than one year 8 (1,203,225 ) NET ASSETS 2,930,431 FUNDS 10 Unrestricted funds 2,930,431 TOTAL FUNDS 2,930,431 |
5.4.22 Total funds £ 4,079,672 99,519 (69,351) 30,168 4,109,840 (1,227,283 ) 2,882,557 2,882,557 2,882,557 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. H C Freudenberger - Trustee
The notes form part of these financial statements
Page 5
RS Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 5.4.23 | 5.4.22 | |
| £ | £ | |
| Rents received | 324,839 | 249,985 |
Page 6
continued...
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
3. GRANTS PAYABLE
| GRANTS PAYABLE | |||
|---|---|---|---|
| Donations to institutions | 5.4.23 £ 181,750 |
5.4.22 £ 164,520 |
|
| Name of the Charity | £ | ||
| Beis Aharon Trust | 10,500 | ||
| Friends of Beis Chinech Lebonos | 12,500 | ||
| Friends of Beis Soroho Shnirer | 12,500 | ||
| Friends of Galanta | 8,750 | ||
| Mercaz Hatorah Belz Machnovka | 17,000 | ||
| Mifal Hachesed Vehatzdokot | 11,000 | ||
| Notzar Chesed | 11,600 | ||
| One Hart Lev Echod | 7,000 | ||
| R' Meir Baal Honess | 6,000 | ||
| Rehabilitation Trust | 6,500 | ||
| Yad Vochesed Ltd | 22,000 | ||
| Donations paid less than £5,000 | 56,400 | ||
| Total | 181,750 | ||
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Investment income | 249,985 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Donations to institutions | 164,520 | |
| Other | 32,910 | |
| Total | 197,430 | |
| NET INCOME | 52,555 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 2,830,002 | |
| Page 7 | continued... |
Page 7
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST At 6 April 2022 and 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.23 £ Taxation and social security 94,162 Other creditors 21,024 115,186 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 5.4.23 £ Bank loans (see note 9) 1,203,225 9. LOANS An analysis of the maturity of loans is given below: 5.4.23 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 1,203,225 |
Unrestricted fund £ 2,882,557 Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.22 £ 61,351 8,000 69,351 5.4.22 £ 1,227,283 5.4.22 £ 1,227,283 |
Unrestricted fund £ 2,882,557 Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.22 £ 61,351 8,000 69,351 5.4.22 £ 1,227,283 5.4.22 £ 1,227,283 |
|---|---|---|
| 2,882,557 | ||
| Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.22 £ 61,351 8,000 69,351 5.4.22 £ 1,227,283 5.4.22 £ 1,227,283 |
||
continued...
Page 8
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
10. MOVEMENT IN FUNDS
| At 6/4/22 £ Unrestricted funds General fund 2,882,557 TOTAL FUNDS 2,882,557 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 330,839 TOTAL FUNDS 330,839 Comparatives for movement in funds At 6/4/21 £ Unrestricted funds General fund 2,830,002 TOTAL FUNDS 2,830,002 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 249,985 TOTAL FUNDS 249,985 |
Net movement in funds £ 47,874 47,874 Resources expended £ (282,965) (282,965) Net movement in funds £ 52,555 52,555 Resources expended £ (197,430) (197,430) |
At 5/4/23 £ 2,930,431 |
At 5/4/23 £ 2,930,431 |
|---|---|---|---|
| 2,930,431 | |||
| Movement in funds £ 47,874 47,874 At 5/4/22 £ 2,882,557 |
|||
| 2,882,557 | |||
| Movement in funds £ 52,555 52,555 |
|||
| 52,555 |
continued...
Page 9
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6/4/21 £ 2,830,002 2,830,002 |
Net movement in funds £ 100,429 100,429 |
At 5/4/23 £ 2,930,431 |
|---|---|---|---|
| 2,930,431 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 580,824 | (480,395) | 100,429 |
| TOTAL FUNDS | 580,824 | (480,395) | 100,429 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2023.
Page 10
RS Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Management Insurance Legal & Professional Fees Sundries and repairs Accountancy Bank charges Bank loan interest Total resources expended Net income |
5.4.23 £ 6,000 324,839 330,839 181,750 13,759 10,510 2,498 3,500 144 70,804 101,215 282,965 47,874 |
5.4.22 £ - 249,985 |
|---|---|---|
| 249,985 164,520 13,023 6,250 - 3,500 49 10,088 |
||
| 32,910 | ||
| 197,430 | ||
| 52,555 |
This page does not form part of the statutory financial statements
Page 11