RECISTERED CHARITY NUMBER: 1069246
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 Mareh 2024
for
SHORESH CHARITABLE TRUST
Bennett Brooks & Co Limited
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

SHORESH CHARITABLE TRUST
Coiitents of the Financial S¢atefftents
for the year ended 31 March 2024
Page
Report of the Trustees
Report of the Iiidependent Auditors
Statement of Financial Activlties
12
Balance Sheet
13
Notes to the Finaneial Statements
14 to 24
Detailed Slatement of Financial Activities
25

SHORESH CHARITABLE TRUST
Report of the Trustees
for the year ended 31 March 2024
The trustees present their report with the financial statements of the charity for the y¢ar ended 31 March 2024. The
trugtees have adopted the provisions of Accounting and Reportii)g by Chariti¢s.. Stalcm¢n¢ of Rcwininended Praciice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland (FRS 102) (effective l January 2019).
The fmancial statcments 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 201 l and Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial
Reporting SL￿dard applicable in the UK and Republic of Ireland (effective l January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objeclives of the charity are slated as.. 'Th¢ advanceinent of the J¢wish r¢ligion by strengthening the continuity of
nomiative Judaism, and the promotion both in Israel and elsewhere of projects which are boili cliaritable 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 thal the Charity meets these requirements both in its
objects and in the furtherance ofthose objects in the day to day application of its charitable obj¢ctives.
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 furtheranee of the stated
charitable objectives of the Trust.
Page I

SHORESH CHARITABLE TRUST
Report of the Trustees
for the year ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
The Trustees have awarded grants to th¢ following charities in the UK and Israel, the names and puryioses of which are
set out below.
In the UK:
Acheinu Cancer Support: supporting group sessions.
Acheillu Ltd- The Boys Clubhouse combatting homelessness.
Arts Therapies for Children: helping the advanc¢m¢nt of the education of children through the provision ofart.
BOD Charitable Foundation: Crisis Grant supporting communities with ongoing crisis in Israel.
Camp Simcha: funding towards Sibling Relreai 2024 for siblings of children affected by serious mental conditions.
CCJO Rene Cassin: contribution towards their work to empower tomoTrow's Human Rights advocates..
Children Ahead Ltd; assistance towards the costs of Clothes and shoes
Clapton Common Boys Club: improving the lives of boys through a range of artistic activities.
Electric Umbrella Express . contribution towards workshops and supporting resources for 10 Jewish Primary Schools.
Eco Judaism: contribution towards dealing betrer with environmental issues.
Ezra U'marpeh '. contribution towards general funding to ensure delivery of core service5.
Federation of Jewlsh Seryices: contribution towards the support of carers through weekly support groups.
Generation 2 Generatlon: funding for the provision of educational resources.
Gesher EU: general funding for the process of leaving the ultra-orthodox community.
Give it forward today (GIYD: funding towards educational wot* for youngsters and with hands on sessions.
Holocaust Memori81 Day Trus¢: contribution lowards engaging the youth nationally to a meaningful Commemordte
Holocaust Memorial Day.
Institute for J¢wish Policy R¢s¢arch: contribution towards runnii)g ¢ost5, recruiting and paying for sector appropriate
academic staff.
Jewish Blind and Physically Handicapped Society contribution towards the Big Brother and Big Sistervolunteer
prograrnme,
Jewish Book Couneil: fimding to SUPPOrt the generydl aims of the festival in 2024.
Jeivish Care: contributions towards the funding of projects including the holding of four tea parties annually for
Holocaust survivors and refugees in various loa¢ations around London. JC Explore- Music to Life project in
partnership with the Wigmore Hall and the Virtual Acrivities proje¢L
Jewish C9r¢ Scotland. contribution towards registered services activities and celebrations programme.
Jeivish Community Secondgry School.. contribution towards the project of research in developing a meaningful
strategy for comTnunity engagement .
Jeivish Lads and Girls Brigade: contribution toward5 youth led virtual and core provision for Jewish children and
young peopl¢,
Page 2

SHORESH CHARITABLE TRUST
Report of the Trustees
for the year ended 31 Marth 2024
Jewish Leadership Council: contribution towards core funding to develop leaders across the UK Jewish Community.
Jewish Music Institut¢- general funding for a range of activities. wntribution to the Wickford Zingt - Yiddish Song
Proje¢l- Spring 2024.
Jewish Women's Aid: flnancial assistance to support a part-time Orthodox domestic abuse worker.
JW3 Jewish Communily Centre London: contribution towards the 'Galeways' programme, helping young people with
assistance for basic needs for the following academic year.
Jews College: fimding towards bursaries for BA students.
Jews, Temporary Shelter: contribution towards Ihe provision of grants to individuals in need of housing, shelter and
r¢lated expens¢s and fac iliti¢s.
Ktshet UK: funding towards the implementation of projects, ranging from staff time to cU￿1cUlUrn developments cosis,
session pr¢parntion, marketing. trdining and strategy development.
Kisharon.. funding contribution towards music therapy for students.
Langdon Foundation: funding towards specialist holiday schemes for children with learning disabilities,
Leeds Jeivish Community Charlty: contribution towards future programmes.
Legadel: funding towards therapy and key worker access for children requiring intervenlion.
IKO Baeck College '. funding Contribution towards the Lehrhaus Adult Jewish Leaming Programme.
Lighthouse.. fijnding for supporting family meals lo those living with challenging circumstances and supporting single
mothers who have experienced divorce, family break-up , unhealthy relationships and abuse.
Limmud:_ 2024 Festival .. funding to ensure accessibility for all.
Maccabi GB.. contribulion towards projects Covering school sports,education,communily, health and wellbeing.
Masorti Judaism.. contributions towards the Marom projecl of community building for stud¢nts leaving university, the
Kelim programme and senior leadership tfdining.
Me5112 UK: funding towards reachin8 and communicatin8 with thos¢ who could b¢n¢fit from their s¢rvic¢5.
Mitzvah Day UK: contribution towards the funding of Mitzvah Day 2023.
Mother to Mother: towards the provision of meals supporting mothers who would oiherwise not have access io cooked
food.
New Israel Fund '. contribution towards expanding and empowering New Gen, young adult community in the UK.
Nisa Na5him: contribution towards the funding for a part-time project manager.
Noa Girls: funding towards the Provision of clinical supervision for trainee therapists.
North Western Reform Synagogue . funding towards the Monday Club, providing social opportunities for adults
with learning and other disabi lities.
Norwood Ravenswood: Core funding and contribulion for their services in supporting vulnerable children with learning
disabilites and au tism.
Page 3

SHORESH CHARITABLE TRUST
Report of the Trustees
ror the year ended 31 MArch 2024
ORT UK: contribution towards the JUMP programme mentoring young adults in enabling th¢m to niakc mor¢ infonn¢d
choices about their future career
Our Second Home: funding towards the 5-day summer residential in London and Essex io include informal educational
activities,¢reative and vocational workshops, communal Tneal prep and reflective time in small groups. Further
contribution to the Professional Development Fund to receive expert support for staff and volunteers.
Prism the Gift Fund: Funding contribution lo reach families outside of London 11] Jewish lif¢ through the gift of
children's books.
Queer Yeshiva: funding to cover bursaries for five low-income stLLd¢nts to attend the summer event of Talmud leaTning.
Renaissance Publishing:: funding for project to support students and graduates in their development as ¢merging
Jewish journalists.
Sadeh: funding towards training days for supporting th¢ farniing of residency fellow5.
Scottish Jewish Arehive Committee ,'grant iow&rds ￿nd raising speaker events.
Seret In¢¢rn4tion&l ,, ¢ontribution towards the 2024 Feslival.
Side by Slde (Children) Ltd: contribution towards the provision of a wide range of physical activilies that have a
positive influenL¢ on cliildr en's attitudes to physical activity and social developm¢nt for disabled chaildren.
Simon Marks Primary School Trust .' funding iowards covering the shortfall in the cost of religious educatton.
Sonshille Club: fundftng iowards the social meet-up on Sundays or weekends for physical and emotional support.
Splash.. contribution towards Shining Stars project, an after school supper and programme in Gateshead, run twice
w¢ekly for 5¢vcrely limited children serving dinner with the support and assistance of volunteers.
Step by Step London '. coniribution towards the funding of After School clubs.
The Anne Frank Trust: general funding lo empower young people with knowledge, skills and confidence to challenge
all fomis of prejudic e and discrimination.
The Bradian5 Trust: funding towards the Brady Archive project & film history project to record, preserve and
disseminate oral. vis ual and written memories of Jewish history in the East End of London.from l 896 -1976.
The Ge(frye Museum: contribution towards a n¢w p¢rnianent exhibition ¢0 recreate an ¢arly 20th ccntury Ea51 London
Rothschild tenament flat.
The Holocaust Educational Trust: contribution towards general ￿ndIng for core programmes.
The Interlink Foundation: funding contribution to improve the healt]i and wellbeing of Charred wotnen lo better health
literacy and public healt h awareness, removing ba￿lerS to access those servcies.
The Jewish Association for Mental Illue5s: contribution towards supporting mental health awareness in January 2024.
The Jewish Council for Racigl Equality: contribution to core funding.
Tlie Jewish Deaf Association: contribution lowards the salary of a highly skilled Support Services Manager.
The Jewish Leadership Council: contribution towards cor¢ funding to develop leaders across the UK Jewish
Community,
The Jewish Volunteering Network: contribution towards help in supporting the incr¢&se in staffmg of their
Manchester branch.
Page 4

SHORESH CHARITABLE TRUST
Report of the Trustees
for the year ended 31 March 2024
The Larches Trust: Contribution towards the Learning for Life progrdmme.
The Movement for Refor￿ Judaism: funding towards RSY-N¢tzer bursaries for residential sumn]er camps io those
who would not otherwise be able to experience the smmer camps and a pre-¢amp youth training programme to develop
and strengthen 90 young leaders.
The Scottish Jewish Heritage Centre: funding towards the salary for an assistant learning officer.
The Telling: fimding contribution towards support for their 2024 '1nto the Melting Pot, tour to include 6 perfonnances,
4 free publi c workshops and 2 major outreach projects.
The Together Plan: contribution towards the International Holocaust education programme for children.
The Vache Baroque Festival: contribution towards the s¢reening> celebrating the achi¢vements and legacy of the
Jewish composer, Salomone Ro ssl.
UK Jewish Film Festival Ltd: general funding contribution for the 2024 Festival.
United Jewlsh Israel Appeal.. fimding towards a June seminar in Israel, training 70 British madri¢him in Half
alongside Israeli countery)a rts for their 2023 tour.
University Jewish Chaplaincy: funding support for of smaller Jewish studcnt communilies and isolated Jewish students
across the UK.
Weizmgnn Institute Foundation: contribution towards a science outreach education appeal.
Woolf Institute: contribution towards the fijnding of a M&sters student bursary.
ZSV Trust: funding towards Sukkot festival food Telief.
In Israel:
Amal Max Pine Campus: funding contribution to assist participants in Poland to give an understandin8 of the
Holocaust the organ isation which is dedicated to serve all LGBT youth in lsfdel.
British Friends of United Hatzalah contribution towards the training of citizens from diverse communities as
volunte¢r medics.
Community Seeyrity Trust.. contribution towards dcalins with th¢ ri5¢ in anti3¢mili3m and tcThori3m.
Empathy: fiJnding towrads psychotherapy programmes.
Eran Emotional First Aid: funding towards training and equipping volunteers to respond to applicanls requiring r￿st
aid.
Forgotten People Fund: contribution toward5 Scholarships for prof¢ssional studi¢s for Ethiopians.
Hand in Hand: contribution towards a Galilee School project ensuring equality and shared society through integrdted
bi-lingual education.
Haruv Institute.. funding towards the costs of psychiaty for their mental health clinic.
Israeli Guide Dog Centre UK: funding for the provision of guide dogs to Israelis who are blind.
Israel Movement for Reform: Contribution to the Israel Religious Action Center (IRAC) , their legal and advocay arm,
for work to secure civil right s towards the foundations of Israeli democracy.
Page 5

SHORESH CHARITABLE TRUST
Report of the Trustees
for the year ended 31 March 2024
JLIC: funding contrli )ution for a mental health clinic
Shoresh Fund (previously Kumzlzt): funding to all areas affected by 7th October.
Osey Chail: Contribution towards work providing psychological and emotional support for lone soldiers.
Physieians for Human Rights in Israel: contribution towards the cost of an open clinic in Jaffa covering medical
treatsnents to seriously-ill patients.
Rabbls for Human Rights: funding contribution to the Hadera Rights Centre.
Sahar: funding contribution towards mental 5UPPQrt to emotionally stressed individuals.
Tag Meir (formerly Yod Bet Heshvan): contribution to general funding.
The Freddie Kriville Initia¢lve: contribution towards fvnding for sports and aft¢r school programmes to disaffected
Arab youth and teenagers.
UK Friends of Belt Issle Shapiro ..￿nding contribution for treatments for children with complex disabilities.
Israaid: Contribution to the Israel Forum for Human Aid. and rhe provision of emergency support for crisis affected
population s in Israel.
Upper Galilee Rape Crisis Cenlre: contribution to the Safe Space project.
FINANCIAL REVIEW
Fin#ncial position
The financial activities of the charity for the year are sel out in these financial statements.
The charity has achieved its aim of supporting its Charitable objective by making 8fdnts to various charitable institution5.
The principal incorn¢ for the year was investment income on the charity share portfolio amounting to £51,394 (2023-
£51,826). Donations io the Portrait collection in the year lotalled £58,216 (2023 £Nil). Gifts in Kind related lo the
management and promotion of the Pothil Collection were £47,000 (2023 - £61.600)
The charitable activities undertaken during this y¢ar Consist of 113 grdnts patd to 103 (2023- 110 grdnts) charitabl¢
organisations tolalling £332.996 (2023 - £314,372}.
Net realised gains on the Investment Portfolio ajnounted to £29,224 (2023 losses- £96,945). Net unrealised gains on the
Investment Portfolio totalled £235,297 (2023 loss¢s £116,312). An unrealised gain of £319,284 (2023 £22,600) arose
from the revaluation of the Portrait Collection and there were realised losses on exchange totalling £7,440 (2023 - gains
£109,461) which resulted in the net realised and unrealised gains of all investments for the year amounting lo £576,365
£81,196 losses).
The n¢t increase in charity assets was £285,955 (2023 - decre&8e £401,689).
Investment poliey and objectives
The charity has one Investment Portfolio with an an Investment Manager based in Germany. Despite global events in
2023 and 2024 continuing to be volatile. the Trustees agreed with the Investment Manager lo increase the Equity
Allocation of the Portfolio in the current year whilsl maintaining the cautious approach with regard lo investment
strategy overall. Funds under management in cash and bonds decreased to 49Q/o (2023 5W/o), which resulted in a
co￿espOndIng increase in the Equity allocation of the Portfolio to 510/0 (2023 - 410/0). Benchmarks are agreed between
the Tru5t¢es and the Investment Managers who then report to the trustees on a quarterly basis.
Page 6

SHORESH CHARITABLE TRUST
Report of the Trustees
ror the year ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
The charity has in place a reserves policy whereby adequate reserves are mainiained, taking into account its analysis of
future needs and opportunilies in its area of operation and having regard to expectations of Its future l¢vels of income
and expenditur¢. The level ofreserves and the reserves policy are reviewed annually by the Trnstees.
Th¢ Trustee5 aim to maintain fr¢e reserves in unreslricted 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 conslitutes an Uninco￿ordted charity.
Charity constitution
The charitable trust was constituted by a Deed of Declaration of Trust dated 12 February 1998 under th¢ ￿11 titl¢
'Shoresh Charitable Trust (Dr Ruth Borchard Gift), and by subsequent Deed of Variation dat¢d 19 Sept¢mber 2001.
On 23 May 2016, the Trnstees resolved to vary the Trust Deed to pemiit the first President, Professor Daniel Sperber, to
remain in offic¢ until he attained Ihe age of 80 years.
The Trusiees 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 thc Declardlion of Trust dated 12 February 1998. Rules governing the
appointmenls of new Trustees, the ¢ligibilily for trusteeship and the detem]ination of trusteeship are a150 contained in the
Trust Deed. Appointsnent of Trustees is mad¢ by the existing trustees and is confirn]ed by Deed of Appointm¢nl,
subrycommittee 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 tNstees are responsible for the indu¢¢ion and training of new TnJst¢es following their appoinlment. Apart from
the Borchard Family Council, there are no persons external to the charity who are entitled io appoint trustees.
The investment portfolios of the charity are professionally managed by Asset Managers in Gennany. The Ruth Borchard
Portrait Collection is managed by a professional curator in the UK.
Risk m#nggement
The Trustees actively review, on a regular basis, the major risks to which the charity is exposed. The Trustees believe
thaL in respect of the financial. operational and business risks faced by the charity, adequaie systems have been
established to mitigate those risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1069246
Principal address
Claydons Bams
I l Towcester Road
Whittlebury
Northamptonshire
NN12 8XU
Trustees
Rabbi M Goldsmith
Mrs R Borchard Lewis
D S Myerson (appointed 24.5.23)
Pag¢ 7

## SHORESH CHARITABLE TRUST 

## **Rcpo1t of the Trustees** 

for the year ended 31 March 2024 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Auditors** 

Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW& 4EE 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Repo1t of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 201 I, Charity (Accounts and Reports) Regulations 2008 and. the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on _..... d9 !_ 

nd signed on its behalf by: 

.......... . 

Mrs R Borchard Lewis - Trustee 

Page 8 



Report of the Independent Auditor5 to the Trustees or
Shoresh Charilable Trust
Opinion
We have audited the fmancial statements of Shoresh Charitable Trnst (the 'charity') for the year ended 31 March 2024
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 fram¢woik that has b¢¢n applicd in Iheir
preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
In our opinion the financial slatements..
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and
application of resources, for the year then ended,.
have been properly pr¢pared in accordance with United Kingdom Generdlly Accepted Accounting Practice; and
have be¢n prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemalional 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 requiremenls
that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have
fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficienl and appropriate to provide a basis for our opinion.
Conclusions relaling io going concern
In auditing th¢ financial statements, we have concluded that the trUS￿eS, use of the going concern basi5 of accounting in
the preparnlion of the f￿anCIal statements is appropriate.
Based on the work we have p¢rfonned, we have not identified any material uncertainties relating to ¢v¢nt5 or conditions
that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem 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 informatlon
The trustees are responsible for the other infom)ation. The other inforniation comprises the infonnation included in the
Annual Report, other than the financial statemen15 and our Report of the Independenl Auditors thereon.
Our opinion on the financial statements does not cover the other inforniacion and. except to Ihe extent otherwise
explicitly stated in our report, we do not express any fomi of assurance conclusion thereon.
In connection with our audit of the financial statemenis. our responsibility is lo read the other inforniation and, in doing
so, consider whether the other information is materially inconsistent with the financial slatemei)ts or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such material ineonsisten¢i¢s or
apparent material misstatements, we are required to detem)ine whether this gives rise to a material misstatement in the
rinancial statements themselve5. If, based on ihe work we have perfonned, we conclude that there is a material
misstatement of this other infomiation, we ar¢ required io report that fact. We have nothing to report tn 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 infom]alion given in the Report of tlie Trustees is inconsistent in any material resP￿t with the fu]ancial
statements. or
sufficient accounting records have not been kept. or
the financial statements are not in ag￿eMent with the accounting records and returns; or
we have not received all the infonnation and explanations we require for our audit.
Page 9

Report of the Independtnl Auditors to the Trustees or
Shoresh Charitable Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trnstees are responsible for Ihe preparation of
th¢ fmancial stat¢ments which give a true and fair view. and for Such internal control ag the trugteeg detemiine is
necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud
or error.
In preparing the fman¢Aal statements, the trustees are r¢sponsible for assessing the charity's ability to continue as a going
con¢ern, 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 alternalive but to do
50.
Our responsibililies for the audit of the fJnan¢ial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with Ihe Act
and rel¢vant regulations made or having effect thereunder.
Our objectives are io oblain reasonable assurance about whether the financial stalements as a whole are free from
material misstatement, whether due io fraud or error. and ¢0 issue a Report of the Independent Auditors Iliat includes our
opinion. Re&sonable assurance is a high level of assurnnce, but is not a guarantee that an audii conducted in accordance
wilh ISAS (UK) will always detect a material missiatemenl when it exists. Misstalements can arise from fraud or ern)r
and are considered material if. individually or in the aggregale, 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, lo detect material misslatements in respect of irregularities, including fraud.
The extent to which our procedures are Capable of deleciing irregularities, including fraud, is deiailed below.
Based on our understanding of the charity and the sector in which il operates, we identified that the principal risks of
non-complianc¢ with laws and regulations related to UK tax legislation and regulations which govem the preparation of
financial statements, and we considered th¢ extent io which non-compliance might have a maierial effect on the financial
statements. We also considered those laws and regulations that have a direct impaci on the financial statements. We
evaluated the Trustees, inceniives and opportunities for fraudulent manipulation of the financial statements (including
the risk of override of controls}, and detennined that the principal risks were related to posting inappropriate journal
entries to increase income, through manag¢ment bias in manipulation of accouiiting estimates or accouiiling for
significant transactions outside the nornial course of business. Audit procedures perfonned included..
Enquiry of management around actual and potential litigation and claims and instances of non-compliance
with laws and regulations.
Auditing the risk of manageiY]ent ovenide of controls, through testing journal entries and other adjustments for
appropriateness, testing accounting estimates (because of Ihe risk of manageinent bias), and evaluating Ilie rationale of
significant transactions outside the normal Course of operations.
Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance
with applicable laws and resulations. and
Review of Trustee meeting minutes,
There are inherent limitations in th¢ 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 reflecled in the
r￿ancial stalements. Also. the risk of not detecting a material misstatement due lo fraud is high¢r ihan tlie risk of not
detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepr¢sentations, or through collusion.
A fi￿h¢r description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uklauditor's responsibilities. This description fonns part of our Report of the
Independent Auditors.
Page 10

Report of the Independent Auditors to the Truste¢s or
Shoresh Charitable Trust
Use ofour report
This report is made solely to the charity's trustees, as a b￿y, in accordance with Part 4 of the Charities (Accounts and
Reports) Regulations 2008. Our audit work has been undertaken so that we might gtate to the charity'5 trustees thos¢
matters we are required to state to them in an auditors, report and for Tho other purpose. To the fullest extent pern]itted by
law, we do not accept or assume r¢sponsibility to anyone other than the Charity and the charity's tNstees &8 a body. for
our audit WOTK for this report, or for the opinions w¢ have fomi¢d.
S£4A££tr 6(T44 tr &
BenTbett Brooks & Co Limi*d
Si George's Court
Winninglon Avenue
Northwich
Cheshire
CW8 4EE
Date..
Pagell

SHORESH CHARITABLE TRUST
Statement of Financial Activities
for the year ended 31 March 2024
2024
Unrestricted
fund
2023
Total
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
105,216
61.600
Investment income
51,394
51,826
Total
156.610
113,426
EXPENDITURE ON
Raising funds
67,188
78,822
Charitable aetivities
Making grants to inSti￿tiOnS
Governance
355,247
6,502
338.087
6,437
Other
18,083
10,573
Total
447,020
433,919
Net gains/(losses) on investments
576.365
{81,196)
ET INCOMEI(EXPENDITURE)
285,955
(401,689)
RECONCILIATION OF FUNDS
Total funds brought forward
5,521,981
5,923,670
TOTAL FUNDS CARRIED FORWARD
5,807,936
5,521,981
The notes form part of these fmancial statements
Page 12

## **SHORESH CHARITABLE TRUST** 

## **Balance Sheet 31 March 2024** 

|||2024|.2023|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|**FIXED ASSETS**||||
|Investments|10|5,904,589|5,539,101|
|**CURRENT ASSETS**||||
|Prepayments and accrued income||8,978|10,323|
|**CREDITORS**||||
|Amounts falling due within one year|11|(105,631)|(27,443)|
|**NET CURRENT ASSETS**||(96,653)|(17,120)|
|**TOT AL ASSETS LESS CURRENT**||||
|**LIABILITIES**||5,807,936|5,521,981|
|**NET ASSETS**||5,807,936|5,521,981|
|**FUNDS**|12|||
|Unrestricted funds||5,807,936|5,521,981|
|**TOTAL FUNDS**||5,807,936|5,521,981|



for issue on ..... **.** ............ and were signed on its behalf by: statements were approved by the Board of Trustees and authorised 

The notes form part of these financial statements· 

Page 13 



SHORESH CHARITABLE TRUST
Notes to the Financial Statements
for the year ended 31 Mareh 2024
CENERAL INFORMATION AND COMPLIANCE STATEMENT
Gener81 informalion
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office
is Claydons Barns, I l Towc¢st¢r Road, Whittlebury, Northants. NN12 8XU.
Statement ol Complianee
These financial statements have been prepared in complianG¢ with FRS 102, 'The Financial Reporting Standard
applicable in the UK and the Republic of Ireland,, the Statetnent of R¢commended 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 fatv 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
departur¢ ha5 involved following th¢ A¢¢ounting and Reporling by Charities.. Statement of R¢commended
Practic¢ applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019).
Shoresh Charitable Trust constitutes a public benefit entity as defmed by FRS 102.
ACCOUNTINC POLICIES
Basis of preparing the financial ststements
The financial stateinents of the charity. which is a public benefit entity under FRS 102, have been prepared in
accordance wilh 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 R¢public of Ireland (FRS 102) (effective l 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 stateinents have been prepared under the historical rost
convention, with the exception of investments which are included al. 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 sl¢rling, which is th¢ functional curr¢n¢y of the entity and rounded lo 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 concem.
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 judgemeiits and key sources of estimation uncertainty
Estimates and judgements are coi)linually evaluated and are based on historical experience and other factors,
including expeclations of future events that ar¢ believed to be reasonable under the Circumstances.
The Charity makcs estimates and judgements Concerning the future. The resuliing accounting eslimales and
assumplions will, by definition, seldom equal the related actual results. The estimates and assuTnpt10115 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 fair values ascribed to the Portrait Collection, which require the use of judgement.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, it
is probable that the income will be received and the amount can be measured reliably.
Page 14
continued...

SHORESH CHARITABLE TRUST
Note5 to the Financial Statements - continued
for the year ended 31 March 2024
ACCOUNTING POLICIES- eontinued
Income
Donations are recognised when the T￿￿t has been notified in writing of both the atnount and settlen]ent date. In
the event that a donation is subject to Conditions that require a level of perforniance before the charity is entitled
to the funds, the income is deferred and not r¢cognised until either those conditions are fully met, or the
fulfilmeni of those conditions is wholly within th¢ control of the cliarity and it 15 probable that ihose condilions
will be fulfilled in the reporting period.
Interest on funds h¢ld on deposit is included when receivable and the amount can be measured reliably by the
harity. Ihis is nornially 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 15 nomially
upon notification by our investment advisor of the dividend yield of the investmenl portfolio.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing th¢
charity to that expenditure, it is probable Ihal a rransfer of ¢conomi¢ benefits will be required in selllern¢nt and
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings tliat aggregate all cost related to the category. Where costs cannot be directly
attributed to partirular headinbF5 they have been allocated to activities on a basi5 consi5tenl with the us¢ of
r¢sourc¢s.
Grants payable are payments made to ihird partie5 in ihe furthcranr¢ of the chariiable objects of the Trust. In ihe
case of an uncondilional grant offer this is a¢cNed once the recipient has been nolified of the grant award. The
notification gives the recipient a reasonable expectalion that they will receive the one-year or multi-year grant.
Grants awards tliat are subject to the recipient fulfilling perfonnance condilioiis are only accrued when the
recipient has been notified of the grant and any remaining uiifuifilled condition artaching to that grani is outside
of (he control of tlie Trust.
Provisions for grants are made when the inlenlion lo make a graiil has been cornmunicated to Ihe recipient but
there is uncertainty as to the liming of the grant or the amount of gran¢ payable.
The provision for a multi-year grant is recognis¢d at its pr¢5¢nt value where settlement is due over more than on¢
year from the date of the award, there are no unfulfilled perfonnance condilions under Ihe control of the Trust
that would pennit the Trnst 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 cutTenl available
estimate of ihe opportunity cost of money reflecting the time value of money to the Trust.
T4xg¢ion
The charity is exempt from tsx on its charitable activities.
Fund accounting
Unrestricted funds can bc used in accordanr¢ with the charitable objectives at the discretion ofthe trnstees.
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 fund5 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 CU￿ncleS are translated into slerling at the rates of exchange ruling at the
balanc¢ sheet date. Transactions in for¢ign currencies ar¢ translated into sterling at the rate of exchange ruling at
the date of transaction. Exchange differences are taken into accounl in arriving at the net income/expenditure for
the year.
Financial instruments
A f￿anCial as5¢t or a fmancial liability is recognised only wh¢n the charity b¢comes a paw to th¢ contractual
provisions of the insttwnent.
Page 15
¢ontinued...

SHORESH CHARITABLE TRUST
Note5 to the Fin8nci81 Statements- continued
for the year ended 31 March 2024
ACCOUNTING POLICIES- eontinued
FinaDcial InSt￿ments
Basic flnancial instruments are initially recognised at the amount receivable or payable including any relaled
transaction costs.
Current asscts and Current liabilities are subsequently measured at the cash or other consideration ex￿cted to be
paid OT received and not discounted.
Where invesnnents in shares are publicly traded or their fair value can olherwise be measured reliably, the
investment is subsequently me&8ured at fair value with changes in fair value recognised in income and
eXpendift￿e. All other such investments are subsequently me&sured at cost le55 impainneni.
Portrait Valuation
The portrait collection is rneasured at fair valu¢ as set out in Not¢ 10,
DONATIONS AND LECACIES
2024
Unrestricted
funds
2023
Total
funds
Gifts of donated works
Donated services and facilities
58,216
47,000
61,600
105.216
61,600
INVESTMENT INCOME
2024
Unrestricted
funds
2023
Total
funds
Investment portfolio
51.394
51,826
RAISINC FUNDS
Investment mgnggement eosts
2024
Unrestricted
funds
2023
Total
funds
Portfolio management
Portrait Collection management
20,188
47,000
21,222
57,600
67,188
78.822
All expenses relating to the curdtion, mainlenanre, insurance, promotion and administration of the Ruth Borchard
Portrait Collection are paid on (he charity's belialf 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 Finaneial Statements- continued
lor the year ended 31 March 2024
GRAwfs PAYABLE
2024
2023
Making grants to institutions
332,996
314,372
Page 17
continued...

SHORESH CHARITABLE TRUST
Noles to the Financial Statements- coniinued
ror Ihe year ended 31 March 2024
GRANTS PAYABLE - continued
UK Charilable Institutions:
Acheinu Cancer Support
Acheinu Ltd
Arts Therapies for Children
BOD Charitable Foundation
Camp Simcha
Children Ahead Ltd
Clapton Common Boy5 Club
Eco Judaisin
Electric Umbrella Express
Ezra Umarpeth
Federation ofJewish Service5
Generation to Generation
Gesher EU
Give it forward today
Holocaust Educational Trust
Holocaust Memorial Day Trust
Institute for Jewish Policy Research
Jewish Blind and Physically Handirappcd Society
Jewish Association for Mental Illness
Jewish Book Council
Jewish Care
Jewish Care Scotland
Jewish Community Secondary Community Engagem¢nt
Jewish Lads and Girls Brigade
Jewish Leadership Council
Jewish Music Institute
Jewish Women's Aid
Jews College
Jews Temporary Shelter
JW3 Jewisli Coininunity Centre London
Keshet UK
Kisharon
Langdon Foundation
Leeds Jewish Community Charity
Legadel Ltd
Leo Baeck College
Lighthouse
Limmud 2024 Festival
Maccabi GB
Masorti Judatsm Kelim Programtne
Masorti Judaism Senior Leadership Training
Masorti Judaism
Mesila UK Ltd
Mitzvah Day UK
Mother to Mother Ltd
New Israel Fund
Nisa Nashi
Noa Girls
North Western Refomi Synagogue
Norwood Ravenswood
ORT UK
2,000
,999
2.534
3,078
2,565
,000
,999
5,130
,500
2,052
3,997
1,000
2,011
1,539
1,000
2,000
3,000
2,052
3,078
4,617
16,157
1,000
5,000
3,041
3,000
11,534
7,995
3,000
5,130
3,041
2,027
3,997
3,591
5,000
2,052
5,000
2,027
8,209
3,078
3,041
3,041
1,999
1,000
9,993
1,000
2,000
1,499
3,000
3,041
8,102
2,000
4,036
3,997
Our Second Home
Prism - the Gift Fund
Page 18
continued...

SHORESH CHARITABLE TRUST
Notes to Ihe Financial Statements- eontinued
ror the yegr eDded 31 March 2024
GRANTS PAYABLE- rontinued
Queer Yeshiva
Renaissancc Publishing
Rene Cassin
Sadeh
Scottish Jewish AKhives Co
Ser¢t Intemational
Side by Side Children Ltd
Simon Mark5 Primary School Trust
Sonshine Club
Splash
Slep by Slep London
The Anne Frank Trust
The Bradl￿]S Trust
Th¢ Geffiye Museum Trust
Th¢ Interlink Foundation
The Jewish Council for Racial Equality
The Jewish Deaf Association
The Jewish Volunteering Network
The Larches Trust
The Movement for Refonn Judaism
The Scottish Jewish Heritage
The Telling
The Together Plan
The Vache Baroque Festival
UK Jewish Film Ltd
United Jewish Israel Appeal
University Jewish Chaplaincy
Weizinann Institute Foundation
Woolf Institute
ZSF Trust
2,027
,499
2,000
1,999
1,000
2,000
2,027
1,500
1,026
1,014
2,000
1,500
1,521
1,000
6,082
2,498
3,041
5,999
3,498
10,137
2,500
2,027
,500
1,000
4,104
3,548
3,591
2,500
2,000
1,000
Israeli Charitable Institution s
Amal Max Pine Campus
British Friends of United Hatzalah
Community Security Trust
Empathy
Eran Emotional Aid
Forgotten People Fund
Hand in Hand
Haruv Instittjte
Israel Guide Dog Centre UK
Israel Movement for Refomi
Osey Chail
Physicians for Human Rights
Rabbis for Human Rights
Sahar
Shoresh Fund (formerly Kumzitz)
The Freddie Krivine Initiative
The Israel Forum for KT)lernational Human Aid
UK Friends of Belt Issie Shapiro
Union of Orthodox Jewish Congregations of America- JLIC
Upper Galilee Rape Crisis Centre
Tag Meir (Yod Bet Heshvan)
,995
2,534
4,976
,000
4,976
,993
2,998
2,537
1,999
5,069
1,500
3,041
3,000
4,998
4,976
1.999
2,565
2,052
4,872
4,000
3.000
66,080
266.916
Page 19
continued...

SHORESH CHARITABLE TRUST
Notes to the Financial Statements- continued
for the year ended 31 M9rch 2024
CRANTS PAYABLE - continued
Sumtnary ofGrants
2024
2023
Total Grants made to UK Charitable Institutions
Totsl Grants made to Israeli Charitable Institutions
266,916
66,080
268,985
45,387
Total Grants made - as per SOFA
332,996
314,372
SUPPORT COSTS
Governance
costs
Management
Tothls
Other resources expended
Making grants to institutions
Governance
12,610
22,251
5,473
18,083
22,251
6,502
6,502
34.861
11.975
46.836
Support costs, included in the above. are as follows..
Management
2024
2023
Other
resources
expended
Making
grants to
institutions
Total
activities
Total
activities
Administration & secretarial
12,610
22,251
34,861
28,810
Covernance costs
2024
2023
Other
re50ur¢¢s
expended
Toial
activities
Total
aclivilie5
Govcrnance
Trustees, expenses
Auditors, remuneration
Accounthn¢y fe¢s
Trustees, indemnity insuranr
Bank charges
(38)
6,000
4,800
475
678
6,000
6,000
5,100
502
373
5,100
502
373
5,473
6,502
11,975
1,915
Page 20
Continued...

SHORESH CHAIUTABLE TRUST
Notes to the Financial S¢atements- continued
for the year ended 31 Mareh 2024
TRUSTEESI REMUNERATION AND BENEFITS
The tsustees received no emoluments in the current or previous year.
Trustees, expenses
The numb¢r of Trustee5 to whom ¢xp¢nses were reimbut3ed was Nil (2023 - 2),
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
INCOME AND ENDOWMENTS FROM
Donations and legacies
61,600
Investment incoine
51,826
Total
113,426
EXPENDITURE ON
Raising funds
78,822
Charitsble activities
Making grants to institutions
Governance
338.087
6,437
Oiher
10,573
Totsl
433,919
Net gains/(losses} on investments
(81,196)
NET INCOME/(EXPENDITURE)
(401.689)
RECONCILIATION OF FUNDS
ToLal funds brouglit forward
5,923,670
TOTAL FUNDS CARRIED FORWARD
5,521,981
Page 21
continued...

SHORESH CHARITABLE TRUST
Notes to the Financial Statements- continued
for the year ended 31 March 2024
io,
FIXED ASSET INVESTMENTS
2024
2023
Shares
Borchard Portrait Collection
2.773,504
3,131,085
2,785,515
2,753,585
5,904,589
5,539,100
Additional inforn]ation as follows..
Listed investments
MARKET VALUE
At l April 2023
Additions
Disposals
Revaluations
Exchang¢ diff¢rences
Recla55ific¢ltionl transfer
2,785,515
1,103.846
(1,333,668)
264,521
(7,440)
(39.270)
3,208,724
576,610
(993,952)
(213.257)
110,888
96.502
At 31 March 2024
2,773,504
2,785,515
NET BOOK VALUE
At 31 March 2024
2,773,504
2,785,515
At 31 March 2023
2,785,515
3,208,724
The Charity's Investment Portfolio 15 held oulsid¢ th¢ UK, b￿d in Germany and run by the Asset Management
seclion of a German Bank. The base ¢utTency of this Portfolio is Euros. The total of assets under management as
at 31 March 2024 was £2,773,504 (2023 - £2,785,515). Euro Equivalents e3,243,613 (2023 e3,160,617).
Investments (neither listed or unlisted) were a5 follows..
2024
2023
Brought forward
Additions
Rcyaluation
2,753,585
58,216
319,284
2,730,985
22,600
3,131,085
2,753,585
All investments shown are listed at valuation.
Listed investments
The aggregate market value of listed investments is £2.773,504 (2023 £2.785.515) and the Stock Exchange value
is £2,773,504 (2023 £2,785,515).
Financial 8ss¢ts held at fair value
All listed investments are carried at their rna￿et value. Investments in equities and fixed interest Securities are all
traded in quoted public rnarkets, primarily the Germam Stock Ex¢hange {DAX). Holdings in common investment
funds, unit trusts and open ended investment companie5 are at the bid price. Asset sales and purchases are
recognised at ihe date of trade at cost (that is their transaction value).
Page 22
continued...

SHORESH CHARITABLE TRUST
Notss to the Financial Statements- continued
for th¢ year ended 31 March 2024
io.
FIXED ASSET INVESTMENTS- continued
The Portrait Collection was subject to independent. professional valuation at 31 March 2024. The valuation was
und¢rtak¢n by Dr Robert Trav¢rs of Robert Travers Works of Art Ltmited. The methods and significant
assumptions used to ascertain the fair value of £3,131,085 (2023 - £2,753.585) ar¢ as follows:
Methods: Using mwket values recorded for compaTable works. taking into account the Peri￿ condition and
rarity of the self-portrait.
Assumptions: The Ruth Borchard Collection is a unique assemblag¢ of Modern British self-portrait paintings of
greater value than its individu(Il ioinpoiients and this is reflecled in the valualions.
ii.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Other creditors
105.631
27,443
12.
MOVEMENT IN FUNDS
Net
movemenl
in funds
At
31.3.24
At 1.4.23
Unrestricted funds
G¢n¢ral fund
5,521,981
285,955
5.807.936
TOTAL FUNDS
5,521.981
285,955
5,807,936
Net movement in funds, included in the above are as follows:
Incoming
resour¢¢s
Resources
expended
Gain5 and
losses
Movement
in funds
Unrestricl¢d funds
General fund
156,610
(447,020)
576,365
285,955
TOTAL FUNDS
156,610
(447.020)
576,365
285,955
Comparatives for movement in funds
Net
movement
in funds
At
31.3.23
Ai 1.4.22
Unrestricted funds
General fund
5,923,670
(401,689)
5,521,981
TOTAL FUNDS
5.923,670
(401,689)
5,521,981
Page 23
continued...

SHORESH CHARITABLE TRUST
Notes to th¢ Financial Statements- ¢on¢inued
for the year ended 31 March 2024
12.
MOVEMEiYr IN FUNDS- continued
Comparative net movement in fimds, included in the above are as follows:
Incoming
re50urees
Resources
expended
Gains and
losses
Movement
in funds
Unrestricted funds
General flmd
113.426
(433,919)
(81,196)
(401.689)
TOTAL FUNDS
113,426
(433,919)
(81,196)
(401,689)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
in funds
At
31.3.24
At 1.4.22
Unrestricted funds
General fijnd
5,923.670
(115.734)
5,807,936
TOTAL FUNDS
5,923,670
(115,734)
5,807,936
A current year 12 months and prior year 12 months combined net movement in funds, ineluded in the above are
a5 follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestricted funds
Generdl fund
270,036
(880,939)
495,169
(115,734)
TOTAL FUNDS
270,036
(880,939)
495,169
(115,734)
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 Bor¢hard Collection. (2023 None). The
value of donaiions in kind was recorded as donated income. There were no balances due to or from Mr Richard
Borchard at 31 March 2024 or at 31 Ma￿h 2023.
During the ye￿, Fairplay Towage & Shipping Co. Ltd paid the curdtion, storage and insurance costs of the Ruth
Borchard Collection amounting to £47,000 (2023 £57,600) and donated portraits totalling £58,216 (2023
£Nil). Two mernbers 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 2024 or at 31 March
2023.
Page 24

SHORESH CHARITABLE TRUST
Detailed StAtemenl of Financial Activities
for the year ended 31 March 2024
2024
2023
IIYCOME AND ENDOWMENTS
Donations legaeies
Gifts of donated works
Donaled services and facilities
58,216
47,000
61,600
105.216
61,600
Investment ineome
Investment portfolio
51,394
51.826
Totsl incoming resourees
156,610
113,426
EXPENDITURE
Investment management Costs
Portfolio management
Portrait Collection managem¢nt
20,188
47,000
21,222
57,600
67,188
78,822
CharitAble Activities
Grants lo institutions
332.996
314,372
Support costs
Management
Administration & secr¢thrial
34,861
28,810
Governance costs
Trustees, expenses
Audilors, remuneration
Accountancy fees
Trnslees, indemnity insurance
Bajik charges
(38)
6,000
4,800
475
678
6,000
5,100
502
373
11,975
11,915
Total resources expended
447.020
433,919
Net expenditure before gains and losses
(290.410)
(320,493)
Realised recognis¢d gains and losses
Realised gainsl(losses) on r￿ed asset investments
Unrealised gains/ loss¢s
21,784
554,581
(96,945)
15,749
Net incomel(expenditure)
285,955
(401,689)
This page does not forni part of th¢ statutory fmanclal ststements
Page 25