CHARITY REGISTRATION NUMBER: 1060537
Bay Charitable Trust
Unaudited Financial Statements
31 December 2025
Bay Charitable Trust
Financial Statements
Year ended 31 December 2025
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
Bay Charitable Trust
Trustees' Annual Report
Year ended 31 December 2025
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2025.
Reference and administrative details
Registered charity name Bay Charitable Trust Charity registration number 1060537 Principal office 21 Woodlands Close London NW11 9QR The trustees
The trustees who served during the year were:
I M Kreditor M Lisser
Accountants Clearfin Accountants Limited Chartered Accountants Churchill House 137-139 Brent Street London NW4 4DJ
Structure, governance and management
The charity has policies in place to ensure that the trustees are sufficiently capable of performing their duties for the charity and will carry out appropriate training as and when the requirement arises.
New trustees are appointed by the board of trustees.
Risk Management
The trustees have carried out a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant external risks to funding have led to consideration being given towards seeking alternative sources of funding. Internal control risks are minimised by the implementation of procedures necessary to safeguard the assets of the charity. The charity minimises risk by only depositing funds with a major international clearing bank.
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Bay Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 December 2025
Structure, governance and management (continued)
Objectives and activities
The Charitable Trust is constituted by a Trust Deed. The objectives of the charity are to give charity for the relief of poverty and the advancement of traditions of the Orthodox Jewish Religion and the study of Torah. This is achieved by the issuing of donations to institutions and individuals dedicated to carrying out the objectives of the charity.
Statement on public benefit
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. They have considered how the activities of the charity during the year provided identifiable benefits to the intended beneficiaries and the wider community, in furtherance of the charity’s objectives.
Achievements and performance
The charity has achieved its objectives during the year by supporting charitable causes and by maximising income from its available resources with the minimum of risk.
Charitable income is derived from donations.
Financial review
During the period, the Charity's funds have been applied in furtherance of its objectives and the day to day running of the charity
Reserves Policy
The charity has a policy to retain, if possible, reserves sufficient to meet a further two or three months of anticipated charitable expenditure.
Plans for future periods
The Trustees intend to continue supporting charitable causes in the similar manner to that for the previous year to the extent that adequate funding is available to meet the intended charitable expenditure.
The trustees' annual report was approved on 23 April 2026 and signed on behalf of the board of trustees by:
I M Kreditor Trustee
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Bay Charitable Trust
Independent Examiner's Report to the Trustees of Bay Charitable Trust
Year ended 31 December 2025
I report to the trustees on my examination of the financial statements of Bay Charitable Trust ('the charity') for the year ended 31 December 2025.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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 to enable a proper understanding of the accounts to be reached.
CLEARFIN ACCOUNTANTS LIMITED
Chartered accountants Churchill House 137-139 Brent Street London NW4 4DJ
23 April 2026
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Bay Charitable Trust
Statement of Financial Activities
31 December 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | |||||
| funds | Total | Total funds | |||
| Note | funds | ||||
| Income and endowments | £ | £ | £ | ||
| Donations and legacies | 4 | 192,989 | 192,989 | 724,677 | |
| Total income | 192,989 | 192,989 | 724,677 | ||
| Expenditure Expenditure on charitable activities |
5,6 | 550,734 | 550,734 | 324,587 | |
| Total expenditure | 550,734 | 550,734 | 324,587 | ||
| Net income/(expenditure) and net movement in funds | (357,745) | (357,745) | 400,090 | ||
| Reconciliation of funds | |||||
| Total funds brought forward | |||||
| Total funds carried forward | 551,881 | 551,881 | 151,791 | ||
| 194,136 | 194,136 | 551,881 |
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 11 form part of these financial statements.
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Bay Charitable Trust
Statement of Financial Position
31 December 2025
| Current assets Other debtors Cash at bank and in hand Net current assets Total assets less current liabilities Funds of the charity Unrestricted funds Total charity funds 8 |
2025 £ - 194,136 194,136 194,136 194,136 194,136 |
2024 £ - 551,881 |
|---|---|---|
| 551,881 | ||
| 551,881 | ||
| 551,881 | ||
| 551,881 |
These financial statements were approved by the board of trustees and authorised for issue on 23 April 2026, and are signed on behalf of the board by:
I M Kreditor M Lisser Trustee Trustee
The notes on pages 7 to 11 form part of these financial statements.
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Bay Charitable Trust
Statement of Cash Flows
Year ended 31 December 2025
| 2025 £ Cash flows from operating activities Net income/(expenditure) (357,745) Cash generated from operations (357,745) Increase in Other Debtors - Net cash from/(used in) operating activities (357,745) Net increase/(decrease) in cash and cash equivalents (357,745) Cash and cash equivalents at beginning of year 551,881 Cash and cash equivalents at end of year 194,136 |
2025 £ (357,745) (357,745) - |
2024 £ 400,090 |
|
|---|---|---|---|
| 400,090 | |||
| - | |||
| 400,090 | |||
| 400,090 151,791 |
|||
| 551,881 |
The notes on pages 7 to 11 form part of these financial statements.
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Bay Charitable Trust
Notes to the Financial Statements
Year ended 31 December 2025
1. General information
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 21 Woodlands Close, London NW11 9QR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
Bay Charitable 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 notes.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
That adequate provision may not have been made for charitable contributions payable and receivable for the year.
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Bay Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2025
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.
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legacy income is recognised when receipt is probable, and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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Bay Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2025
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
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Bay Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2025
3. Accounting policies (continued)
Financial instruments (continued)
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Income from Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations received |
182,489 | 182,489 | 720,209 | 720,209 |
| Taxation recovered on gift aid payments | 10,500 | 10,500 | 4,468 | 4,468 |
| 192,989 | 192,989 | 724,677 | 724,677 |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations paid | 550,254 | 550,254 | 324,392 | 324,392 |
| Support Costs | 480 | 480 | 195 | 195 |
| 550,734 | 550,734 | 324,587 | 324,587 |
Support costs relate to Accountancy charges of £480 (2024: £195).
6. Expenditure on charitable activities by activity type
| Activities | |||
|---|---|---|---|
| undertaken | Total funds | Total fund | |
| directly | 2025 | 2024 | |
| £ | £ | £ | |
| Charitable activities | 550,734 | 550,734 | 324,587 |
7. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
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Bay Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2025
8. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 | January | 31 | December | |||
| 2025 | 2025 | |||||
| Income | Expenditure | |||||
| £ | £ | £ | £ | |||
| General funds | 551,881 | 192,989 | (550,734) | 194,136 |
| 9. | Analysis of net assets between funds | |||
|---|---|---|---|---|
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2025 | 2024 | ||
| £ | £ | £ | ||
| Current assets | 194,136 | 194,136 | 551,881 |
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