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2023-03-31-accounts

Charity registration number 1072479

Company registration number 03566659 (England and Wales)

YEMIN CHARITABLE TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

YEMIN CHARITABLE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A Henry
Mr H Neumann
Mr P Neumann
Charity number 1072479
Company number 03566659
Principal address Steward House
309 Bury New Road
Salford
M7 2YN
Auditor Lopian Gross Barnett & Co
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Bankers Barclays bank Plc
51 Mosley Street
Manchester
M60 2AU

YEMIN CHARITABLE TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 20

YEMIN CHARITABLE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE PERIOD ENDED 31 MARCH 2023

The trustees present their report and accounts for the period ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The charity's objects are to distribute funds to religious, educational and similar charities for the advancement of religion in accordance with the orthodox Jewish faith and the relief of poverty. These are for the benefit of the public in expanding religious knowledge and relieving poverty. The policies adopted in furtherance of these objects are to identify orthodox Jewish charities which carry out activities such as providing orthodox Jewish education and other activities which advance religion in accordance with the orthodox Jewish faith or which relieve poverty and there has been no change in these during the period.

Each year the trustees review the charity's objectives and activities to ensure they continue to reflect the charity's aims. In carrying out this review the trustees have considered the Charity Commissions general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit.

The charity's income comprises investment income and charitable donations.

The objective of the charity for the year was to maintain a stable flow of donations going to worthy causes in the Jewish community. The trustees also aim to expand the charity's investment portfolio whenever the opportunity arises. No particular criteria or measures are used to assess success in achieving these aims or objectives.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The only activities undertaken have been, investing in properties, monitoring the charity's investment income and making grants to a number of charities in accordance with the above objectives and policies. The trustees also control other charities with the same objectives and policies and have made grants to those charities.

Achievements and performance

The charity has continued to distribute funds to other charities during the year. Incoming resources were distributed after the charity met loan repayments and similar obligations and after making further investments. Remaining cash reserves are available for future investments. The governors are pleased with the investment performance and with the level of donations given to worthy causes.

At the period end the charity held various property investments which were valued at £10,143,211 and generated income of £1,202,268.

YEMIN CHARITABLE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

Financial review

The trustees' investment powers are governed by the charity's Articles of Association which permit the trustees to invest the charity's funds as they see fit.

The trustees are experienced property investors and have invested the charity's funds in property in order to generate funds for distribution. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining security of income.

The charity's funds for distribution are derived from donations received and investment income. The net total income was £1,546,108 including a foreign exchange profit of £7,021 This resulted in a surplus of £1,518,982 after administration costs of £27,126. The charity's property investment values increased by £3,114,237.

The charity distributed £791,075 to various charities for the advancement of religion in accordance with the orthodox Jewish faith and for the relief of poverty which resulted in an overall increase in reserves of £3,842,144.

There is no formal policy to maintain a level of reserves other than as required for the charity's investment portfolio. The trustees are continually looking for appropriate investments which will ensure that a return can be achieved without undue risk. The reserves are maintained in line with this policy.

No significant event affected the financial performance and financial position of the charity during the year. Nor have any been identified that are likely to do so currently or in the future.

The trustees have identified the principal risks and uncertainties facing the charity and have also adopted plans and strategies to manage these as follows:

The trustees' investment powers are governed by the charity's Articles of Association which permit the trustees to invest the charity's funds as they see fit.

The trustees are experienced property investors and have invested the charity's funds in property in order to generate funds for distribution. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining security of income and the underlying asset.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The trustees will continue to make investments in the best interests of the charity in order to achieve its objectives.

Structure, governance and management

The charity is a company limited by guarantee. It was incorporated on 19 May 1998 and registered as a charity on the same date. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were: Mr A Henry

Mr H Neumann Mr P Neumann

YEMIN CHARITABLE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

Trustees are recommended and appointed by the Board of Trustees.

None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute an amount not exceeding £10 in the event of a winding up.

The board of trustees administers the charity.

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees have confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr A Henry Trustee

20 December 2023

YEMIN CHARITABLE TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 MARCH 2023

The trustees, who are also the directors of Yemin Charitable Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law 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 charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

YEMIN CHARITABLE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF YEMIN CHARITABLE TRUST LIMITED

Opinion

We have audited the financial statements of Yemin Charitable Trust Limited (the ‘charity’) for the period ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

YEMIN CHARITABLE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YEMIN CHARITABLE TRUST LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

YEMIN CHARITABLE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YEMIN CHARITABLE TRUST LIMITED

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 auditor's 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.

Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co

for and on behalf of Lopian Gross Barnett & Co 20 December 2023 Chartered Accountants Statutory Auditor 1st Floor Cloister House Riverside, New Bailey Street Manchester M3 5FS

Lopian Gross Barnett & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

YEMIN CHARITABLE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds funds
Period Year
ended ended
31 March . 31 December
2023 2021
Notes £ £
Income and endowments from:
Donations and legacies 3 781,925 298,718
Investments 4 1,202,268 831,974
Other income 5 7,021 62,622
Total income 1,991,214 1,193,314
Charitable activities 7 791,075 510,265
Other material expenditure 27,126 17,985
Other expenditure 11 445,106 339,141
Total expenditure 1,263,307 867,391
Net gains/(losses) on investments 12 3,114,237 (164,379)
Net income and movement in funds 3,842,144 161,544
Reconciliation of funds:
Fund balances at 1 January 2022 5,187,238 5,025,694
Fund balances at 31 March 2023 9,029,382 5,187,238

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

YEMIN CHARITABLE TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
The funds of the charity
Unrestricted funds		 31 March 2023
£
£
10,143,211
65,928
170,113
236,041
202,596
33,445
10,176,656
(1,147,274)
9,029,382
9,029,382
9,029,382		 31 December
2021
£
£
7,028,974
115,354
166,850
282,204
551,132
(268,928)
6,760,046
(1,572,808)
5,187,238
5,187,238
5,187,238

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 20 December 2023

Mr A Henry

Trustee

Company registration number 03566659 (England and Wales)

YEMIN CHARITABLE TRUST LIMITED

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Proceeds on disposal of investment
property
Investment income
Net cash generated from investing
activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		 2023
£
£
(537,925)
-
1,202,268
1,202,268
(661,080)
(661,080)
3,263
166,850
170,113		 2021
£
£
(373,221)
23,491
831,974
855,465
(453,463)
(453,463)
28,781
138,069
166,850

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Yemin Charitable Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester M3 5FS.

Reporting period change

The trustees of Yemin Charitable Trust Limited present the financial statements for the 15 month period ended 31 March 2023 .The comparative information is for the year ended 31 December 2021 which means that the comparitives in the accounts and notes to the accounts are not entirely comparable.The reason that the period extension was effected, was to align the period end with the majority of the company's investments. The trustees have the legal authority to change the period.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

The charity's funds are all unrestricted and available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Gift aid donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Investment property rental income is recognised at the fair value of the consideration received or receivable for in the normal course of business.The income consists of gross rental income on an accruals basis. Under FRS102, reduced income derived from rent free periods is spread over the life of the lease. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Investment income is accounted for on an accruals basis.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable distributions represent donations paid to religious, educational and similar charities.

1.6 Tangible fixed assets

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Foreign exchange

Transactions denominated in foreign currencies are recorded at the average rate for the year.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net incoming resources.

1.11 Joint arrangement not an entity

The company is party, with another charity company to joint arrangements that are not entities. Accordingly, these financial statements have been prepared in accordance with FRS 102 Section 15.

1.12 Investments in joint property

The company has interests in properties which are owned by a syndicate of similar participators. The investments are stated at net valuation of the participation in the syndicate plus accumulated surpluses less deficiences and drawings.

1.13 Secured loans

Where a loan security is given on the basis that the lender has no recourse to any of the the charity's assets other than the property securing the loan and the lender has repossessed the relevant property on a loan default, the related loan obligation is written back as part of the proceeds realised on the repossession.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2021
£ £
Donations and gifts 781,925 298,718
4 Income from investments
Unrestricted Unrestricted
funds funds
2023 2021
£ £
Rental income 1,201,877 831,971
Interest receivable 391 3
1,202,268 831,974
5 Other income
Unrestricted Unrestricted
funds funds
2023 2021
£ £
Foreign exchange (deficit)/ surplus 7,021 62,622
6 Expenditure on charitable activities
Unrestricted Unrestricted
funds funds
2023 2021
£ £
Direct costs
Grant funding of activities (see note 7) 791,075 510,265
Analysis by fund
Unrestricted funds 791,075 510,265

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

7 Grants payable

Grants payable
Total Total
Unrestricted Unrestricted
funds funds
2023 2021
£ £
Grants to institutions
Relief of poverty 267,970 104,440
Community projects 294,110 291,390
Yeshivas and seminaries 140,820 80,825
Schools 88,175 33,610
791,075 510,265
2023
£
Grants to institutions (292 grants):
Bikur Cholim and Gemiluth Chesed Trust 21,000
Bederech Kovod 103,100
Belz Communities 17,800
Chomel Dalim 30,750
Kollel Shomrei Hachomos 72,000
Kolyom Trust Ltd 30,270
Mifal Hachesed Vehatzedokoh 16,500
One Heart – Lev Echod 16,775
Three Pillars Trust 21,775
Talmud Torah Chinuch Neorim 17,500
Teshuvoh Tefilloh Tzedokoh 55,850
Other grants to institutions not exceeding £15,000 387,755
791,075

8 Other costs

Other costs include charges by the auditors of £5,000 (2021- £5,000) for audit fees and 18,400 (2021£13,790) for other services.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses during the period.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

10 Employees

The average monthly number of employees during the period was:

2023 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Investment property expenses

Investment property expenses
Investment property financing costs		 2023
£
362,686
82,420
445,106		 2021
£
281,389
57,752
339,141

Investment property expenses comprised general property expenditure. The expenses include :- Agents commission,insurance,light and heat,property repairs and maintenance and other usual property expenses

12 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investment properties		 2023
£
3,114,237
-
3,114,237		 2021
£
(161,103
(3,276
(164,379

13 Taxation

The activities of Yemin Charitable Trust Limited are exempt from direct taxation under part 11 of the Corporation Tax Act 2010.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2023

14 Investment property

Investment property
Land and buildings
£
Cost or valuation
At 1 January 2022 7,028,974
Revaluation 3,114,237
At 31 March 2023 10,143,211
Carrying amount
At 31 March 2023 10,143,211
At 31 December 2021 7,028,974

The above investments are all held primarily to provide income and long term capital growth for the charity.

The properties are stated at fair value as valued by the trustees who are experienced property investors and have based the valuations on the properties gross yields and other relevant factors.

At 31 March 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £8,677,608 (2021 - £8,677,608).

Certain freehold land and buildings have been pledged to secure bank borrowings of the charity.

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
12,707
21,625
31,596
65,928		 2021
£
41,929
54,814
18,611
115,354

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

16 Loans and overdrafts

Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2023
£
1,278,655
131,381
1,147,274
771,630		 2021
£
1,939,735
366,927
1,572,808
768,365

The above bank loans are secured on certain of the charity's investment properties.

The bank loans include a loan from Kreissparkasse Koln. At the year end the loans sterling value was £301,667 (31/12/21 £650,374). The interest rate on the loan was 1.25% above libor and is repayable by 2030 by monthly instalments..

The bank loans include amounts due to Lloyds bank with instalments due in more than 5 years. At the year end the loans outstanding amounted to £856,367 (31/12/21 £898,365). The interest rate was 3.70% above base rate and are repayable by instalments in 2043,

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank loans
16
Other creditors
Accruals and deferred income		 2023
£
131,381
20,368
50,847
202,596		 2021
£
366,927
110,712
73,493
551,132

18 Creditors: amounts falling due after more than one year

2023 2021
Notes £ £
Bank loans 16 1,147,274 1,572,808

19 Related party transactions

The charity was charged rent of £2,000 ( 31/12/21 : £2,000 ) by Renee Worch Properties Limited, an entity controlled and managed by the trustees.

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

19 Related party transactions

(Continued)

The charity received rent of £125,500 ( 31/12/21 : £40,357 ) from various entities controlled and managed by the trustees and their close family members.

The charity received donations from related entities and family members during the year amounting to £739,875 ( 31/12/21 : £259,850 )

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January At 1 January Incoming Resources Gains and At 31 March At 31 March
2022 resources expended losses 2023
£ £ £ £ £
General funds 5,187,238 1,991,214 (1,263,307) 3,114,237 9,029,382
Previous Period: At 1 January Incoming Resources Gains and At 31
2021 resources expended losses December
2021
£ £ £ £ £
General funds 5,025,694 1,193,314 (867,391) (164,379) 5,187,238
21 Analysis of changes in net (debt)/funds
At 1 January Cash flowsAt 31 March 2023
2022
£ £ £
Cash at bank and in hand 166,850 3,263 170,113
Loans falling due within one year (366,927) 235,546 (131,381)
Loans falling due after more than one year (1,572,808) 425,534 (1,147,274)
(1,772,885) 664,343 (1,108,542)

YEMIN CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2023

22
Cash generated from operations
2023
£
Surplus for the period
3,842,144
Adjustments for:
Investment income recognised in statement of financial activities
(1,202,268)
(Gain)/loss on disposal of investment property
-
Fair value (gains) and losses on investments
(3,114,237)
Movements in working capital:
Decrease in debtors
49,426
(Decrease) in creditors
(112,990)
Cash absorbed by operations
(537,925)		 2021
£
161,544
(831,974)
3,276
161,103
189,490
(56,660)
(373,221)