Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
Company registered number: 03239099 Charity registered number: 1058013
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 AUGUST 2024
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 15 |
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST (A company limited by guarantee and registered charity)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 AUGUST 2024
| Trustees | Brian Leaver |
|---|---|
| Jane Leaver | |
| Doreen Samuels | |
| Paul Levy, Treasurer | |
| Philip Gershuny, Chair | |
| Company registered number 03239099 Charity registered number 1058013 Registered office Eastcote Point Cuckoo Hill Pinner Middlesex HA5 2BB Accountant MHA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ |
Page 1
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT FOR THE YEAR ENDED 29 AUGUST 2024
The Trustees present their annual report together with the financial statements of the Charity for the year ended 29 August 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the Charity qualifies as small under section 382, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Purpose, objects and activities
The Charity’s purpose and its principal activity is to advance the Jewish religion, to relieve poverty or any other charitable purpose beneficial to the community as the Trustees shall from time to time determine. The Charity’s other main object, being the support of Moriah Jewish Day School, is no longer relevant following the closure of that school.
When planning the activities for the year, the Trustees have considered the Charity Commission's guidance on public benefit. All activities are undertaken in relation to the purposes of the Charity as per its governing document.
Achievements and performance
The Charity continues to use Investec Wealth and Management (now known as Rathbones) to manage its funds on a discretionary basis.
The main focus of the Charity continues to be to support Jewish education and the health and wellbeing of the Jewish community and the wider community more generally. It does this by making awards as grants to charitable activities.
The following awards were made or approved during the year under review:
| Israeil Dance Institute Jewish Women's Aid Sinai Jewish Primary School Pinner Synagogue Resource UK Jewish Film Ltd Chai Chancer Care Community Security Camp Simcha Sadeh Paperweight |
£5,000 £25,000 £15,000 £10,850 £15,000 £15,000 £5,000 £10,000 £15,000 £15,000 £10,000 |
|---|---|
| £140,850 |
The difference between this list and the list contained in note 5 below arises because of timing differences arising through the accounting rules governing recognition of expenditure.
When aggregated with the awards made at the end of the last accounting period, the total awards made as agreed over the two periods amount to £171,850 which is slightly higher than the 4% pa target set by the Trustees, but considered to be an acceptable allocation in all the circumstances.
Page 2
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 AUGUST 2024
Financial review
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Structure, governance and management
Governing document
The Trust is registered with the Charity Commission under the number 1058013. The Trust is a company limited by guarantee and has no share capital. It was incorporated on 19 August 1996 and the governing instrument is its Memorandum and Articles of Association.
Decision making
The Charity is governed by the Board of Trustees who also retain day to day control of the Charity due to its small size.
Appointment and training of new Trustees
Currently there are 5 Trustees. When the need arises, new Trustees are generally sought from personal contacts and connections with the Charity with the aim of maintaining a certain skill set within the board to ensure effective governance.
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. The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.
Future plans
The Trustees plan to be a grant awarding charity for at least the next 12 - 24 months with a focus on areas chosen by the trustees from among local community, educational, social welfare and domestic and overseas aid areas.
In preparing this report, the Trustees have taken advantage of the small companies exemptions within Part 15 of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Philip Gershuny
Chair
Date: May 15, 2025
Page 3
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 AUGUST 2024
Independent Examiner's Report to the Trustees of The Moriah Legacy Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 29 August 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Signed:
May 22, 2025 Dated:
Cara Miller ACCA
910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ
Page 4
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 AUGUST 2024
| Note Income from: Donations 3 Investments 4 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 60 111,496 111,556 20,528 76,571 97,099 14,457 429,287 443,744 4,068,538 443,744 4,512,282 |
Total funds 2024 £ 60 111,496 111,556 20,528 76,571 97,099 14,457 429,287 443,744 4,068,538 443,744 4,512,282 |
Total funds 2023 £ 240 31,895 32,135 - 1,825,226 1,825,226 (1,793,091) - (1,793,091) 5,861,629 (1,793,091) 4,068,538 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST (A company limited by guarantee and registered charity) REGISTERED NUMBER: 03239099
BALANCE SHEET AS AT 29 AUGUST 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 8 | 4,368,943 | - | ||
| Current assets | |||||
| Debtors | 9 | 4,709 | 5,052 | ||
| Cash at bank and in hand | 142,080 | 4,066,936 | |||
| 146,789 | 4,071,988 | ||||
| Creditors: Amounts falling due within one | |||||
| year | 10 | (3,450) | (3,450) | ||
| Net current assets | 143,339 | 4,068,538 | |||
| Total net assets | 4,512,282 | 4,068,538 | |||
| Charity funds | |||||
| Restricted funds | 11 | - | - | ||
| Unrestricted funds | 11 | 4,512,282 | 4,068,538 | ||
| Total funds | 4,512,282 | 4,068,538 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Philip Gershuny
Chair
Date: May 15, 2025
The notes on pages 7 to 15 form part of these financial statements.
Page 6
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
1. General information
The Moriah Legacy Trust (previously Harrow Jewish Day School Trust) is a private company limited by guarantee and is registered with the Charity Commission (Charity Registered Number: 1058013) and Registrar of Companies (Company Registration Number: 03239099) in England and Wales.
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees' Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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) and the Companies Act 2006.
The Moriah Legacy Trust (previously Harrow Jewish Day School Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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 pound.
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.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Page 7
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
2. Accounting policies (continued)
2.3 Income
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.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probably that they will be fulfilled.
Grant income is recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
2. Accounting policies (continued)
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
As at the Balance Sheet date, the Charity only held basic Financial Instruments. The financial assets and financial liabilities of the Charity at this date were as follows:
Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 7. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
Page 9
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
2. Accounting policies (continued)
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations Parental voluntary contributions 60 Total 2023 240 |
Total funds 2024 £ 60 240 |
Total funds 2023 £ 240 |
|---|---|---|
4. Investment income
| Unrestricted funds 2024 £ Deposit account interest 11,363 Investment interest 60,834 Investment dividends 39,299 111,496 |
Total funds 2024 £ 11,363 60,834 39,299 111,496 |
Total funds 2023 £ 31,895 - - |
|---|---|---|
| 31,895 |
All investment income recognised in the prior year was allocated to unrestricted funds.
Page 10
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
5. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Grant funding of activities | 65,850 | 65,850 | - |
The following grants were awarded during the year:
-
£5,000 to Israeli Dance Institute;
-
£10,000 to Jewish Women's Aid
-
£15,000 to Sinai Jewish Primary School;
-
£5,850 to Pinner Synagogue;
-
£15,000 to Resource;
-
£15,000 to UK Jewish Film Ltd.
6. Analysis of expenditure by activities
| Charitable activities Total 2023 |
Grant funding of activities 2024 £ 65,850 - |
Support costs 2024 £ 10,721 1,825,226 |
Total funds 2024 £ 76,571 1,825,226 |
Total funds 2023 £ 1,825,226 |
|---|---|---|---|---|
In 2023, all expenditure was allocated to unrestricted funds.
Page 11
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Governance costs Legal and professional Bookkeeping Bank charges Insurance Loss on sale of building Donations |
Activities 2024 £ 2,700 1,738 750 80 453 - 5,000 10,721 |
Total funds 2024 £ 2,700 1,738 750 80 453 - 5,000 10,721 |
Total funds 2023 £ 2,700 12,186 750 60 434 1,778,096 31,000 |
|---|---|---|---|
| 1,825,226 |
Governance costs recognised in the year include the accountants fee of £2,700 (2023 - £2,700) .
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 29 August 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 12
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
| 8. Fixed asset investments Cost or valuation Additions Disposals Revaluations At 29 August 2024 Net book value At 29 August 2024 9. Debtors Due within one year Prepayments and accrued income 10. Creditors: Amounts falling due within one year Accruals |
2024 £ 4,709 4,709 2024 £ 3,450 |
Listed investments £ 8,265,108 (4,326,668) 430,503 4,368,943 4,368,943 2023 £ 5,052 5,052 2023 £ 3,450 |
|---|---|---|
Page 13
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
11. Statement of funds
Statement of funds - current year
| Balance at | Balance at | ||||
|---|---|---|---|---|---|
| 30 August | Gains/ | 29 August | |||
| 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 4,068,538 | 111,556 | (97,099) | 429,287 | 4,512,282 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 August | Transfers | 29 August | |||
| 2022 | Income | Expenditure | in/out | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Fixed assets fund | 3,925,108 | - | 74,892 | (4,000,000) | - |
| Revaluation reserve | 1,852,988 | - | (1,852,988) | - | - |
| 5,778,096 | - | (1,778,096) | (4,000,000) | - | |
| General funds | |||||
| General Funds | 72,999 | 32,135 | (47,130) | 4,010,534 | 4,068,538 |
| Total Unrestricted funds | 5,851,095 | 32,135 | (1,825,226) | 10,534 | 4,068,538 |
| Restricted funds | |||||
| Capital expenditure | 10,534 | - | - | (10,534) | - |
| Total of funds | 5,861,629 | 32,135 | (1,825,226) | - | 4,068,538 |
Page 14
Docusign Envelope ID: 3912DFD6-CBBB-4186-A622-82EC539E8B78
THE MORIAH LEGACY TRUST
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 AUGUST 2024
12. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 4,368,943 Current assets 146,789 Creditors due within one year (3,450) Total 4,512,282 |
Total funds 2024 £ 4,368,943 146,789 (3,450) 4,512,282 |
|---|---|
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 4,071,988 (3,450) 4,068,538 |
Total funds 2023 £ 4,071,988 (3,450) 4,068,538 |
|---|---|---|
13. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 29 August 2024.
Page 15