REGISTERED CHARITY NUMBER: 1069246
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 March 2023
for
SHORESH CHARITABLE TRUST
Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW8 4EE
SHORESH CHARITABLE TRUST
Contents of the Financial Statements for the year ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 8 |
| Report of the Independent Auditors | 9 | to | 11 |
| Statement of Financial Activities | 12 | ||
| Balance Sheet | 13 | ||
| Notes to the Financial Statements | 14 | to | 25 |
| Detailed Statement of Financial Activities | 26 |
SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 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).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are stated as: 'The advancement of the Jewish religion by strengthening the continuity of normative Judaism, and the promotion both in Israel and elsewhere of projects which are both charitable according to English Law and benefit the wider Jewish Community.' The Trustees have carefully considered the Public Benefit Guidance issued by the Charity Commission and are satisfied that the Charity meets these requirements both in its objects and in the furtherance of those objects in the day to day application of its charitable objectives.
Grant making policy
The Trustees adopt a flexible approach to their grant making policy. They will consider applications made from any non-profit making organisation for funding in projects which the Trustees consider are in furtherance of the stated charitable objectives of the Trust.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
ACHIEVEMENT AND PERFORMANCE
The Trustees have awarded grants to the following charities in the UK and Israel, the names and purposes of which are set out below.
In the UK:
Acheinu Cancer Support: supporting group sessions.
Acheinu Ltd - The Boys Clubhouse : combatting homelessness.
Agudas Israel Community Services: assistance for a new division helping with employment within the Orthodox Community.
Art Therapies for Children: helping the advancement of the education of children through the provision of art.
Azamrah Youth Club: funding towards a Pesach play scheme in Manchester for 450 children.
Camp Horizon: Contribution towards the 2022 Summer Scheme.
Camp Simcha: funding towards a residential camp for siblings of children affected by serious mental conditions.
CCJO Rene Cassin: contribution towards their work to empower tomorrow's human rights advocates..
Electric Umbrella Express - contribution towards workshops and supporting resources for 10 Jewish Primary Schools.
Ezra U'Marpeh : contribution towards general funding to ensure delivery of core services.
Federation of Jewish Services: contribution towards the support of carers through weekly support groups.
Friends of Zichron Dovid: contribution towards 2 weeks summer camp for 250-350 boys aged 11-16.
Generation 2 Generation: funding for the provision of educational resources.
Gesher EU: general funding for the process of leaving the ultra-orthodox community.
Give it forward today (GIFT): funding towards educational work for youngsters and with hands on sessions.
Grief Encounter : funding towards the provision of one-to-one specialist intervention for bereaved children in schools.
Happy and Healthy : contribution towards the running of a daily breakfast club for local disadvantaged adults.
Happy Kids: contribution towards the 'Yes I can achieve' project.
Hatzola Northwest Trust Limited: contribution towards a Community Paediatrics project.
Holocaust Memorial Day Trust: contribution towards engaging the youth nationally to a meaningful Commemorate Holocaust Memorial Day.
Hope not Hate Charitable Trust: funding towards programmes for young people and teachers.
In Touch/Kids United: contribution towards Caring for Carers project.
Insiders Outsiders Arts: Creative Sanctuary- Dartington in the 1930's and beyond - contribution to online symposium.
Institute for Jewish Policy Research :contribution towards running costs, recruiting and paying for sector appropriate academic staff.
Israeli Dance Institute : funding for KS1 & KS2 for training, school visits and festivals.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
Jewish Association for Mental Illness: contributions towards the funding for Mental Health Awareness Shabbat 2023 and supporting mental health awareness in January 2023.
Jewish Bereavement Counselling : funding to support counselling for families with professional facilities over Zoom on a fortnightly basis.
Jewish Blind and Disabled: contribution towards the support of tenants during their time with J B& D.
Jewish Book Council: funding to support the general aims of the festival.
Jewish Care : contributions towards the Sam Beckman Dat Centre choir; the Virtual Activities project; contribution towards the provision of Wellbeing to the relatives and staff in residential homes.
Jewish Care Scotland: contribution towards their annual activity and celebrations programme.
Jewish Community Secondary School : contribution towards the project of research in developing a meaningful strategy for community engagement .
Jewish Lads and Girls Brigade: contribution towards youth led virtual and core provision for Jewish children and young people.
Jewish Leadership Council: contribution towards core funding to develop leaders across the UK Jewish Community.
Jewish Music Institute : general funding for a range of activities; contribution to the Zingt - Yiddish Song Project - Spring 2022
Jewish Women's Aid: financial assistance to support a part-time Orthodox domestic abuse worker.
JW3 Jewish Community Centre Ltd : contribution towards the 'Gateways' programme, helping young people with no other alternative.
Jews College: funding towards bursaries for BA students.
Jews' Temporary Shelter: contribution towards the provision of grants to individuals in need of housing, shelter and related expenses and fac ilities.
Just Kidding: contribution towards project 'Social Station'.
Keshet UK: funding towards the implementation of projects, ranging from staff time to curriculum developments costs, session preparation, marketing, training and strategy development.
Kids in the Spotlight: contribution towards the Fitness Fighters project.
Kisharon: funding contribution towards the salary of a Music Therapist.
Langdon Foundation: Langdon Brady - funding towards a weekly youth club.
Legadel Ltd: funding towards therapy and key worker access for children requiring intervention.
Lending Hope Limited : contribution towards the costs of providing clothes and shoes.
Leo Baeck College : funding contribution towards the Lehrhaus Adult Jewish Learning Programme.
Lighthouse : funding contribution towards Summer Meals project.
Limmud : - 2022 Festival : funding to ensure accessibility for all.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
Maccabi GB : contribution towards projects covering school sports,education,community, health and wellbeing.
March of the Living UK: bursaries for students and young adults to Poland in 2023.
Masorti Judaism : contributions towards funding participants' bursaries and teachers salaries.
Mars Org Ltd: contribution towards the salary of an advocacy officer to support families with sick children, in particular Gau cher disease.
Merseyside Jewish Community Care : contribution towards supporting weekly clubs.
Mesila UK : funding towards the cost of living crisis response.
Mitzvah Day UK: contribution towards the funding of Mitzvah Day 2022.
Moishe House: funding towards sustaining and developing an inclusive Jewish community for young adults through Moishe Houses London.
Mother to Mother: towards the provision of meals supporting mothers who would otherwise not have access to cooked food.
New Israel Fund : contribution towards expanding and empowering 'New Gen' young adult community in the UK.
Noa Girls : funding towards the provision of clinical supervision for trainee therapists.
Norwood Ravenswood : Core funding and contribution towards the BINOH project.
ORT UK: contribution towards the JUMP programme mentoring young adults in enabling them to make more informed choices about their future careers.
Pascal Theatre Company: contribution towards a Manchester Girlhood play.
Prism the Gift Fund: - Funding contribution to reach families outside of London in Jewish life through the gift of children's books.
Resource : funding for seminar project.
Sadeh: funding towards fellowship funds for housing and food.
Seret International : contribution towards the 2021 and 2022 Festivals.
Simon Marks Primary School Trust : funding towards covering the shortfall in the cost of religious education.
Sonshine Club: funding towards the social - meet up on Sundays or weekends for physical and emotional support.
Splash: contribution towards Shining Stars project
Step by Step London : contribution towards the funding of After School clubs.
The Anne Frank Trust: general funding to empower young people with knowledge, skills and confidence to challenge all forms of prejudic e and discrimination.
The Bradians Trust: funding towards a digital memory map linking stories, images and videos of the East End of London.
The Geffrye Museum: contribution towards Hannukah celebrations.
The Gesher Trust: contribution towards the provision of playground equipment to develop skills.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
The Holocaust Educational Trust: contribution towards general funding for core programmes.
The Jewish Deaf Association: contribution towards the salary of a highly skilled Support Services Manager.
The Jewish Volunteering Network: contribution towards the regional programme to continue to run training and networking opportunities.
The Larches Trust: contribution towards the Learning for Life programme.
The Movement for Reform Judaism: funding towards RSY-Netzer bursaries for residential summer camps and a pre-camp youth training programme to develop and strengthen young leaders.
The New North London Synagogue: contribution towards general funding for Eco Synagogue.
T he Scottish Jewish School Visit Service: funding towards education at the holocaust era study centre in Scotland.
The Telling:f unding contribution towards a concert play 'Into the Melting Pot' for a 7-day tour.
The Together Plan: contribution towards the International Holocaust education programme for children.
Torah Action Life: funding contribution towards mothers and babies groups.
Turning Corners: funding towards the support of young people and families.
UK Jewish Film Festival Ltd: general funding contribution for the 2022 Festival.
United Jewish Israel Appeal : funding towards a Poland trip for 12 young adults.
University Jewish Chaplaincy: funding support for of smaller Jewish student communities.
Woolf Institute: contribution towards the funding of a Masters student bursary.
Young and Inspired: funding towards the support of marginalised Jewish families with skills to cook nutritious meals for their families.
ZSV Trust: funding towards Sukkot festival food relief.
In Israel:
IGY : funding contribution to the organisation which is dedicated to serve all LGBT youth in Israel.
Israeli Flying Aid: contribution towards the non-profit volunteer based apolitical non-governmental organisation that delivers life saving aid to communities affected by natural disaster and human conflict.
Nochah: contribution towards the SAHI programme in schools to provide a solution for students who are not successful academically or socially.
Osey Chail: contribution towards work providing psychological and emotional support for lone Israeli soldiers from ultra-orthodox backgrounds.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
FINANCIAL REVIEW
Financial position
The financial activities of the charity for the year are set out in these financial statements.
The charity has achieved its aim of supporting its charitable objective by making grants to various charitable institutions.
The principal income for the year was investment income on the charity share portfolio amounting to £51,826 (2022£52,599). Donations to the Portrait collection in the year totalled £Nil (2022 - £52,000). Gifts in Kind related to the management and promotion of the Portrait Collection were £61,600 (2022 - £48,000)
The charitable activities undertaken during this year consist of 110 grants paid to 98 (2022 - 121) charitable organisations for the year totalling £314,372 (2022 - £446,283).
Net realised losses on the Investment Portfolio amounted to £96,945 (2022 gains - £3,801). Net unrealised losses on the Investment Portfolio totalled £116,312 (2022 - gains £77,788). An unrealised gain of £22,600 (2022 - £2,600) arose from the revaluation of the Portrait Collection and there were unrealised gains on exchange totalling 109,461 (2022 - loss 26,164) which resulted in the net unrealised gains of all investments for the year amounting to £15,749 (2022 - £54,224 loss).
The net decrease in charity funds was £401,689 (2022 - £346,667).
Investment policy and objectives
The charity has one Investment Portfolio with an an Investment Manager based in Germany. Global events in 2022 and 2023 continue to lead the Investment Manager to adopt a cautious approach with regard to investment strategy in the current year and the funds under management in cash and bonds increased slightly to 59% (2022 - 58%), which resulted in a corresponding decrease in the Equity allocation of the Portfolio. Benchmarks are agreed between the Trustees and the Investment Managers who then report to the trustees on a quarterly basis.
Reserves policy
The charity has in place a reserves policy whereby adequate reserves are maintained, taking into account its analysis of future needs and opportunities in its area of operation and having regard to expectations of its future levels of income and expenditure. The level of reserves and the reserves policy are reviewed annually by the Trustees.
The Trustees aim to maintain free reserves in unrestricted funds at a level providing an investment return which is fully expended, with any annual shortfall being met from those free reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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SHORESH CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charitable trust was constituted by a Deed of Declaration of Trust dated 12 February 1998 under the full title 'Shoresh Charitable Trust (Dr Ruth Borchard Gift)' and by subsequent Deed of Variation dated 19 September 2001.
On 23 May 2016, the Trustees resolved to vary the Trust Deed to permit the first President, Professor Daniel Sperber, to remain in office until he attained the age of 80 years.
The Trustees have a minimum of two meetings a year to discuss the charity's affairs and to allocate grants and make such decisions as to the general management of the charity as they deem fit.
The appointment of Trustees is governed by the Declaration of Trust dated 12 February 1998. Rules governing the appointments of new Trustees, the eligibility for trusteeship and the determination of trusteeship are also contained in the Trust Deed. Appointment of Trustees is made by the existing trustees and is confirmed by Deed of Appointment. A sub-committee of Trustees serves as an Investment Committee and oversees the investment performance of the charity with appropriate professional guidance.
The Trust Deed gives the Borchard Family Council authority to appoint one trustee who is a member of the Borchard Family. Mrs Rachel Borchard Lewis was appointed as the Borchard Family Trustee on 3 November 2015.
Existing trustees are responsible for the induction and training of new Trustees following their appointment. Apart from the Borchard Family Council, there are no persons external to the charity who are entitled to appoint trustees.
The investment portfolios of the charity are professionally managed by Asset Managers in Germany. The Ruth Borchard Portrait Collection is managed by a professional curator in the UK.
Risk management
The Trustees actively review, on a regular basis, the major risks to which the charity is exposed. The Trustees believe that, in respect of the financial, operational and business risks faced by the charity, adequate systems have been established to mitigate those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1069246
Principal address
Claydons Barns 11 Towcester Road Whittlebury Northamptonshire NN12 8XU
Trustees
Ms N Yehiel (resigned 31.3.23) Rabbi M Goldsmith Mrs R Borchard Lewis Y Sperber (resigned 31.3.23) D S Myerson (appointed 24.5.23)
Auditors
Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW8 4EE
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SHORESH CHARITABLE TRusr Report of the T)v5tee8 for Ihe year ended JJ March 2023 EVEh'TS SINCE THE END OF THE YEAR formation relating to events since th¢ end of the year is gtven in the EKJtes to the financial statemetlts. STATE,TrILNT OFTRusfris' RTr;SPONSIIIILITIFS Th¢ truslees or¢ r¢sponsibl¢ for pr¢paring th¢ R¢]y)rt of the TTustff5 and th6 fjrwicial statements in aecornlanee with applicable laiv and United Kingdom Accounling Slandords (United Kingdom Generally A¢ttpt A¢¢out)tingPTrctice). Ih¢ law applicabk to ¢hariti¢s in England and Wal4 the Charities Act 2011, Charity (Accowits 2nd Reports) Regulations 200¥ and the provisions of the tnist deed requires the twstees to prepare financial statetnents for each fiDancio1 yeor whi¢h giY¢ o twe fair vi¢w of the stste of affaits of th6 rhaTity aTLd of (he incoming re50ur¢es and 4)plication of resources. 1clUding the income and expenditur¢. of the charity foc ihot period. In PTeparing tknse fiDan¢ial statementy the tnjstees are required to select suitable accounting policies and then apply them consistendy- observe ihe method5 and principle5 ill thecharity SORP,. makejudgcmcnts and estimatcs ihol are re&qonahle and ptudenL' prwdre the financial siatemenis on Ihe going con¢em basis UE]IE55 it is inapptopriate to pr¢sume that thE charity continue in busintss. The Irustees are Rsponsible for keeping proper acc4)utTrting recotth iyhich disclose witb Teawnable &CCUTW at ary time the finanrial wl¢ln of th¢ charity and to enable Ihem to ensure that the financial stalements comply with the ChoJities Act 2011. the Cliarity (Accounts and RctA)rts) Regulatio 2008 and the pff)visi(Jns of the trust deed. 'Ihey also sponsible for safegiiarding the assets of the charity atMI lience for tskillg re&8onable steps for the PTeventlOTi and detection of fraud other irregularities. ApwDv¢d by onlerof the board of tNst¢es 30 Janiiary 2024 and signed on its b¢half by: R Boa t•Yi5- Trustce Page 8
Report of the Independent Auditors to the Trustees of Shoresh Charitable Trust
Opinion
We have audited the financial statements of Shoresh Charitable Trust (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of Shoresh Charitable Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, incl
Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements. We evaluated the Trustees' incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase income, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:
o Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations;
o Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the rationale of significant transactions outside the normal course of operations;
o Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations; and
o Review of Trustee meeting minutes.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditor's responsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of Shoresh Charitable Trust
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW8 4EE
Date: 30th January 2024
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SHORESH CHARITABLE TRUST
Statement of Financial Activities for the year ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities Making grants to institutions Governance Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 61,600 51,826 113,426 78,822 338,087 6,437 10,573 433,919 (81,196) (401,689) 5,923,670 5,521,981 |
2022 Total funds £ 100,000 52,599 152,599 69,963 471,265 11,263 4,800 557,291 58,025 (346,667) 6,270,337 5,923,670 |
|---|---|---|
The notes form part of these financial statements
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SHORESH CHARrrABL£ TRUST Bal*llce Sheet 31 March 2023 2023 2022 Tofal funds Unrestrtcied fiknd Notes FIXED ASSETS Inycsiments 10 5,539,100 5,939,709 CURRETrrr ASSETS Prepayments aNI accwed income 10.323 I 1,699 CREDITORS Amounts f11# due within one year (27.442} (27.738) NET CURRENf ASSETS (17.119) (16.039) TOTAL ASSETS LESS CURREKr LIABILITIFS 5.521.981 5,923,670 NKT ASSETS 5.521.981 5,923,670 FUPIDS Unrestrided futtds 12 5.521,981 5.923.670 TOTAL FUNDS 5521,981 5.923.670 Th¢ financial ststcm¢nts 4pproveil by the Board of Truskes aThJ authrnised fi)r issue on 30 January 2024 and were Sied on its behalf by.. RBorth8rd Lewis- Trustee Th¢ notes forn part ofth¢se financi81 ststewtthts Page 13
SHORESH CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2023
1. GENERAL INFORMATION AND COMPLIANCE STATEMENT
General information
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Claydons Barns, 11 Towcester Road, Whittlebury, Northants, NN12 8XU.
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.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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).
Shoresh Charitable Trust constitutes a public benefit entity as defined by FRS 102.
2. 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.
Going concern
In view of the significant investment balances, which are highly liquid, there are no material uncertainties about the charity's ability to continue to operate as a going concern.
Financial reporting standard 102 - reduced disclosure exemptions
The charity does not include a cash flow statement on the grounds that it is not a larger charity as defined in the SORP.
Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the levels of future funding and expenditure on charitable activities and the fair values ascribed to the Portrait Collection.
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.
continued...
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SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
2. ACCOUNTING POLICIES - continued
Income
Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
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 bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
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 payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payments, settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net income/expenditure for the year.
Page 15
continued...
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
2. ACCOUNTING POLICIES - continued
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.
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.
Portrait Valuation
The portrait collection is measured at fair value as set out in Note 10.
3. DONATIONS AND LEGACIES
| Gifts of donated works Donated services and facilities |
2023 Unrestricted funds £ - 61,600 61,600 |
2022 Total funds £ 52,000 48,000 |
|---|---|---|
| 100,000 |
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Investment portfolio | 51,826 | 52,599 |
5. RAISING FUNDS Investment management costs
| Investment management costs | |
|---|---|
| 2023 Unrestricted funds £ Portfolio management 21,222 Portrait Collection management 57,600 78,822 |
2022 Total funds £ 26,963 43,000 |
| 69,963 |
All expenses relating to the curation, maintenance, insurance, promotion and administration of the Ruth Borchard Portrait Collection are paid on the charity's behalf with this contribution included as a corresponding donated service and facility received by the charity. Further reference is made to this in Note 13 to the Financial Statements - Related Party Disclosures.
Page 16
continued...
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
6. GRANTS PAYABLE
Making grants to institutions
| 2023 | 2022 |
|---|---|
| £ | £ |
| 314,372 | 446,283 |
continued...
Page 17
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
6. GRANTS PAYABLE - continued
| £ | |
|---|---|
| UK Charitable Institutions: | |
| Acheinu Cancer Support | 1,500 |
| Acheinu Ltd | 4,700 |
| Agudas Israel community No 2 - Employment within the Orthodox Community | 1,500 |
| Arts Therapies for Children | 2,533 |
| Azamrah Youth Club | 1,500 |
| Camp Horizon | 2,028 |
| Camp Simcha | 2,500 |
| Electric Umbrella Express -workshops | 1,962 |
| Ezra Umarpeth | 2,000 |
| Federation of Jewish Services | 3,760 |
| Friends of Zichron Dovid - loaves of love project | 490 |
| Generation to Generation | 940 |
| Gesher EU Support Network | 1,819 |
| Give it forward today | 1,500 |
| Grief Encounter | 1,962 |
| Happy and Healthy | 490 |
| Happy Kids | 513 |
| Hazola Northwest Trust | 2,028 |
| Holocaust Educational Trust | 1,500 |
| Holocaust Memorial | 1,962 |
| Hope not Hate Charitable Trust | 2,000 |
| In Touch Kids Limited | 1,030 |
| Insiders Outsiders Arts | 981 |
| Institute for Jewish Policy Research | 2,943 |
| Israeli Dance Institute | 1,471 |
| JAMI | 3,000 |
| Jewish Association for Mental Illness - life after lockdown | 2,820 |
| Jewish Bereavement Counselling Service | 7,986 |
| Jewish Blind and Disabled | 2,000 |
| Jewish Book Council | 4,000 |
| Jewish Care | 18,730 |
| Jewish Care Scotland | 2,350 |
| Jewish Community Secondary Community Engagement | 4,904 |
| Jewish Lads and Girls Brigade | 3,037 |
| Jewish Leadership Council | 2,943 |
| Jewish Music Institute | 11,400 |
| Jewish Women's Aid | 7,520 |
| Jews College | 2,943 |
| Jews Temporary Shelter | 3,000 |
| Just Kidding | 513 |
| JW3 Development | 2,533 |
| Keshet UK | 1,523 |
| Kids in the Spotlight | 1,018 |
| Kisharon | 3,760 |
| Langdon Foundation | 3,000 |
| Legadel Ltd | 2,000 |
| Lending Hope Limited | 981 |
| Leo Baeck College | 4,904 |
| Lighthouse | 1,018 |
| Limmud 2022 Festival | 7,050 |
| Maccabi GB | 3,000 |
| March of the Living | 1,962 |
| Mars Org | 1,000 |
| Masorti Judaism | 4,950 |
continued...
Page 18
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
6. GRANTS PAYABLE - continued
| Merseyside Jewish Community | 2,025 | |
|---|---|---|
| Mesila UK Ltd | 1,410 | |
| Mitzvah Day UK | 9,400 | |
| Moishe House | 3,923 | |
| Mother to Mother Ltd | 1,471 | |
| New Israel Fund | 1,962 | |
| Noa Girls | 2,943 | |
| Norwood Ravenswood | 37760 | |
| ORT UK | 1,962 | |
| Pascal Theatre Company | 1,471 | |
| Prism - the Gift Fund | 1,880 | |
| Rene Cassin | 2,943 | |
| Resource | 7,923 | |
| Sadeh | 3,908 | |
| Seret International | 1,466 | |
| Seret International - Claderwood Lodge | 981 | |
| Simon Marks Primary School Trust | 1,466 | |
| Sonshine Club | 1,000 | |
| Splash | 513 | |
| Step by Step | 1,471 | |
| The Anne Frank Trust | 2,000 | |
| The Bradians Trust | 1,018 | |
| Te Geffrye Museum | 940 | |
| The Gesher Trust | 2,000 | |
| The Jewish Deaf Association | 3,037 | |
| The Jewish Volunteering Network | 3,923 | |
| The Larches Trust | 3,290 | |
| The Movement for Reform Judaism | 9,091 | |
| The New North London Synagogue | 5,000 | |
| The Scottish Jewish School Visit Service | 1,962 | |
| The Telling | 1,523 | |
| The Together Plan | 2,452 | |
| Torah Action Life | 1,018 | |
| Turning Corners | 1,018 | |
| UK Jewish Film Ltd | 3,760 | |
| United Jewish Israel Appeal - Poland Youth Trip | 1,018 | |
| University Jewish Chaplaincy | 3,290 | |
| Woolf Institute | 1,880 | |
| Young and Inspired | 490 | |
| ZSF Trust | 940 | |
| 268,985 | ||
| Israeli Charitable Institutions | ||
| Igy | 12,177 | |
| Israeli Flying Aid | 9,961 | |
| Nochah - Giving as a way of life | 13,288 | |
| Osey Chail - Lachayal Haboded Mimotza Datl | 9,961 | |
| 45,387 | ||
| Summary of Grants |
continued...
Page 19
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
6. GRANTS PAYABLE - continued
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Total Grants made to UK Charitable Institutions | 268,985 | 292,125 |
| Total Grants made to Israeli Charitable Institutions | 45,387 | 154,158 |
| Total Grants made - as per SOFA | 314,372 | 446,283 |
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Other resources expended | 5,095 | 5,478 | 10,573 | |
| Making grants to institutions | 23,715 | - | 23,715 | |
| Governance | - | 6,437 | 6,437 | |
| 28,810 | 11,915 | 40,725 | ||
| Support costs, included in the above, are as follows: | ||||
| Management | ||||
| 2023 | 2022 | |||
| Other | Making | |||
| resources | grants to | Total | Total | |
| expended | institutions | activities | activities | |
| £ | £ | £ | £ | |
| Administration & secretarial | 5,095 | 23,715 | 28,810 | 29,122 |
| Governance costs | ||||
| 2023 | 2022 | |||
| Other | ||||
| resources | Total | Total | ||
| expended | Governance | activities | activities | |
| £ | £ | £ | £ | |
| Trustees' expenses | - | (38) | (38) | - |
| Auditors' remuneration | - | 6,000 | 6,000 | 6,000 |
| Accountancy fees | 4,800 | - | 4,800 | 4,800 |
| Trustees' indemnity insurance | - | 475 | 475 | 653 |
| Bank charges | 678 | - | 678 | 470 |
| 5,478 | 6,437 | 11,915 | 11,923 |
continued...
Page 20
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
8. TRUSTEES' REMUNERATION AND BENEFITS
The trustees received no emoluments in the current or previous year.
Trustees' expenses
The trustees' expenses reimbursed were for travel and secretarial services.
The number of Trustees to whom expenses were reimbursed was 2 (2022 - Nil).
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Making grants to institutions Governance Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 100,000 52,599 152,599 69,963 471,265 11,263 4,800 557,291 58,025 (346,667) 6,270,337 5,923,670 |
|---|---|
continued...
Page 21
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
10. FIXED ASSET INVESTMENTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Shares | 2,785,515 | 3,208,724 |
| Borchard Portrait Collection | 2,753,585 | 2,730,985 |
| 5,539,100 | 5,939,709 | |
| Additional information as follows: | ||
| Listed investments | ||
| £ | £ | |
| MARKET VALUE | ||
| At 1 April 2022 | 3,208,724 | 3,615,868 |
| Additions | 576,610 | 1,222,828 |
| Disposals | (993,952) | (1,485,951 ) |
| Revaluations | (213,257) | 82,534 |
| Exchange differences | 110,888 | (29,858) |
| Reclassification/ transfer | 96,502 | (196,697) |
| At 31 March 2023 | 2,785,515 | 3,208,724 |
| NET BOOK VALUE | ||
| At 31 March 2023 | 2,785,515 | 3,208,724 |
| At 31 March 2022 | 3,208,724 | 3,615,868 |
The Charity's Investment Portfolio is held outside the UK, based in Germany and run by the Asset Management section of a German Bank. The base currency of this Portfolio is Euros. The total of assets under management as at 31 March 2023 was £2,785,515 (2022 - £3,208,724). Euro Equivalents €3,160,167 {2022 €3,786,294).
Investments (neither listed or unlisted) were as follows:
| Investments (neither listed or unlisted) were as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Brought forward | 2,730,985 | 2,667,385 |
| Additions | 0 | 61,000 |
| Revaluation | 22,600 | 2,600 |
| 2,753,585 | 2,730,985 | |
All investments shown are listed at valuation.
Listed investments
The aggregate market value of listed investments is £2,785,515 (2022: £3,208,724) and the Stock Exchange value is £2,785,515 (2022: £3,208,724).
Financial assets held at fair value
All listed investments are carried at their market value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the German Stock Exchange (DAX). Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
continued...
Page 22
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
10. FIXED ASSET INVESTMENTS - continued
The Portrait Collection was subject to independent, professional valuation at 31 March 2023. The valuation was undertaken by Dr Robert Travers of Robert Travers Works of Art Limited. The methods and significant assumptions used to ascertain the fair value of £2,753,585 (2022 - £2,730,985) are as follows:
Methods: Using market values recorded for comparable works, taking into account the period, condition and rarity of the self-portrait.
Assumptions: The Ruth Borchard Collection is a unique assemblage of Modern British self-portrait paintings of greater value than its individual components and this is reflected in the valuations.
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 12. MOVEMENT IN FUNDS |
2023 £ 27,442 |
2022 £ 27,738 |
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
follows: Incoming resources £ 113,426 113,426 |
At 1.4.22 £ 5,923,670 5,923,670 Resources expended £ (433,919) (433,919) |
Net movement in funds £ (401,689) (401,689) Gains and losses £ (81,196) (81,196) |
At 31.3.23 £ 5,521,981 |
At 31.3.23 £ 5,521,981 |
|
|---|---|---|---|---|---|---|
| 5,521,981 | ||||||
| Movement in funds £ (401,689 (401,689 |
||||||
| (401,689 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 6,270,337 6,270,337 |
Net movement in funds £ (346,667) (346,667) |
At 31.3.22 £ 5,923,670 |
|---|---|---|---|
| 5,923,670 |
continued...
Page 23
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 152,599 152,599 |
Resources expended £ (557,291) (557,291) |
Gains and Movement losses in funds £ £ 58,025 (346,667) 58,025 (346,667) |
Gains and Movement losses in funds £ £ 58,025 (346,667) 58,025 (346,667) |
|---|---|---|---|---|
| (346,667) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 6,270,337 6,270,337 |
Net movement in funds £ (748,356) (748,356) |
At 31.3.23 £ 5,521,981 |
|---|---|---|---|
| 5,521,981 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 266,025 266,025 |
Resources expended £ (991,210) (991,210) |
Gains and Movement losses in funds £ £ (23,171) (748,356) (23,171) (748,356) |
Gains and Movement losses in funds £ £ (23,171) (748,356) (23,171) (748,356) |
|---|---|---|---|---|
| (748,356) |
13. RELATED PARTY DISCLOSURES
During the year, Mr Richard Borchard, a member of the Borchard Family Council who have the power to appoint one of the trustees, did not donate any portraits to the Ruth Borchard Collection. (2022 - None). The value of donations in kind was recorded as donated income). There were no balances due to or from Mr Richard Borchard at 31 March 2023 or at 31 March 2022.
During the year, Fairplay Towage & Shipping Co. Ltd paid the curation, storage and insurance costs of the Ruth Borchard Collection amounting to £57,600 (2022 - £43,000) and donated portraits totalling £Nil (2022 - £Nil). Two members of the Borchard Family Council are also directors of Fairplay Towage & Shipping Company Ltd.
There were no balances due to or from Fairplay Towage & Shipping Co. Ltd at 31 March 2023 or at 31 March 2022.
continued...
Page 24
SHORESH CHARITABLE TRUST
Notes to the Financial Statements - continued for the year ended 31 March 2023
14. POST BALANCE SHEET EVENTS
Following the events of 7 October 2023 in Israel, a decision was made by the Trustees to allocate resources to 4 charities based in Israel to support the increased and urgent demands placed upon these organisations as a result of the ongoing conflict.
Page 25
SHORESH CHARITABLE TRUST
Detailed Statement of Financial Activities for the year ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Gifts of donated works Donated services and facilities Investment income Investment portfolio Total incoming resources EXPENDITURE Investment management costs Portfolio management Portrait Collection management Charitable activities Grants to institutions Support costs Management Administration & secretarial Governance costs Trustees' expenses Auditors' remuneration Accountancy fees Trustees' indemnity insurance Bank charges Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Unrealised gains/ losses Net expenditure |
2023 £ - 61,600 61,600 51,826 113,426 21,222 57,600 78,822 314,372 28,810 (38) 6,000 4,800 475 678 11,915 433,919 (320,493) (96,945) 15,749 (401,689) |
2022 £ 52,000 48,000 100,000 52,599 152,599 26,963 43,000 69,963 446,283 29,122 - 6,000 4,800 653 470 11,923 557,291 (404,692) 3,801 54,224 (346,667) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 26