REGISTERED CHARITY NUMBER: 1053660
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2024
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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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 £238,060 and made significant grants in the sum of £89,650.
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 deficit of £21,126 after making total grants of £89,650 and the reserves stand at £2,909,305.
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 2024
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 2024.
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
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 2024
| 5.4.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Investment income 2 238,060 Total 238,060 EXPENDITURE ON Charitable activities Donations to institutions 89,650 Other 169,536 Total 259,186 NET INCOME/(EXPENDITURE) (21,126) RECONCILIATION OF FUNDS Total funds brought forward 2,930,431 TOTAL FUNDS CARRIED FORWARD 2,909,305 |
5.4.23 Total funds £ 6,000 324,839 |
|---|---|
| 330,839 | |
| 181,750 101,215 |
|
| 282,965 | |
| 47,874 2,882,557 |
|
| 2,930,431 |
The notes form part of these financial statements
Page 4
RS Charitable Trust
Balance Sheet 5 April 2024
| 5.4.24 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 4,079,672 CURRENT ASSETS Cash at bank 132,490 CREDITORS Amounts falling due within one year 7 (111,252) NET CURRENT ASSETS 21,238 TOTAL ASSETS LESS CURRENT LIABILITIES 4,100,910 CREDITORS Amounts falling due after more than one year 8 (1,191,605 ) NET ASSETS 2,909,305 FUNDS 10 Unrestricted funds 2,909,305 TOTAL FUNDS 2,909,305 |
5.4.23 Total funds £ 4,079,672 169,170 (115,186) 53,984 4,133,656 (1,203,225 ) 2,930,431 2,930,431 2,930,431 |
|---|---|
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 2024
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 | ||
|---|---|---|
| 5.4.24 | 5.4.23 | |
| £ | £ | |
| Rents received | 238,060 | 324,839 |
Page 6
continued...
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
3. GRANTS PAYABLE
| Donations to institutions | 5.4.24 £ 89,650 |
5.4.23 £ 181,750 |
|
|---|---|---|---|
| Name of the Charity | £ | ||
| BCGCT | 8,000 | ||
| kehal Yisroel D'Chasidei Gur | 12,000 | ||
| Mancherster Yeshiva Kollel | 5,000 | ||
| Mifal Hachesed Vehatzdokot | 9,000 | ||
| Notzer Chesed | 7,000 | ||
| TAY | 12,000 | ||
| Donations paid less than £5,000 | 36,650 | ||
| Total | 89,650 | ||
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 6,000 |
| Investment income | 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 |
continued...
Page 7
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST At 6 April 2023 and 5 April 2024 NET BOOK VALUE At 5 April 2024 At 5 April 2023 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.24 £ Taxation and social security 93,728 Other creditors 17,524 111,252 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 5.4.24 £ Bank loans (see note 9) 1,191,605 9. LOANS An analysis of the maturity of loans is given below: 5.4.24 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 1,191,605 |
Unrestricted fund £ 2,930,431 Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.23 £ 94,162 21,024 115,186 5.4.23 £ 1,203,225 5.4.23 £ 1,203,225 |
Unrestricted fund £ 2,930,431 Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.23 £ 94,162 21,024 115,186 5.4.23 £ 1,203,225 5.4.23 £ 1,203,225 |
|---|---|---|
| 2,930,431 | ||
| Freehold property £ 4,079,672 4,079,672 4,079,672 5.4.23 £ 94,162 21,024 115,186 5.4.23 £ 1,203,225 5.4.23 £ 1,203,225 |
||
continued...
Page 8
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
10. MOVEMENT IN FUNDS
| At 6/4/23 £ Unrestricted funds General fund 2,930,431 TOTAL FUNDS 2,930,431 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 238,060 TOTAL FUNDS 238,060 Comparatives for movement in funds At 6/4/22 £ Unrestricted funds General fund 2,882,557 TOTAL FUNDS 2,882,557 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 330,839 TOTAL FUNDS 330,839 |
Net movement in funds £ (21,126) (21,126) Resources expended £ (259,186) (259,186) Net movement in funds £ 47,874 47,874 Resources expended £ (282,965) (282,965) |
At 5/4/24 £ 2,909,305 2,909,305 Movement in funds £ (21,126) (21,126) At 5/4/23 £ 2,930,431 2,930,431 Movement in funds £ 47,874 47,874 |
|---|---|---|
continued...
Page 9
RS Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
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 6/4/22 £ 2,882,557 2,882,557 |
Net movement in funds £ 26,748 26,748 |
At 5/4/24 £ 2,909,305 |
|---|---|---|---|
| 2,909,305 |
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 | 568,899 | (542,151) | 26,748 |
| TOTAL FUNDS | 568,899 | (542,151) | 26,748 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2024.
Page 10
RS Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2024
| 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 (expenditure)/income |
5.4.24 £ - 238,060 238,060 89,650 12,281 11,000 38,190 3,500 52 104,513 169,536 259,186 (21,126) |
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 |
This page does not form part of the statutory financial statements
Page 11