CHARITY REGISTRATION NtTrtBER: 1082723 MENACHEM GENERAL CHARITABLE TRUST Unaudited Finaneial Statements For the year ended 31 March 2024 COHEN ARNOLD CHARTERED ACCOUNTANTS LONDON NWII OPU
MENACHEM GENERAL CHARITABLE TRUST Financial Statements Year ended 31 March 2024 PAGES Trustees, Annual Report Ito2 Independent examinefs rert to the trust¢¢s Statement of Financial Activities Statement of Financial Position Notes to the Financial Stat¢m¢nt$ 6t012
MENACHEM GENERAL CHARITABLE TRUST Trustees, Annual Report Year ended 31 March 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity Dame Charity registration number PrincipAI office Menachem General Charitable Trust 1082723 141 B Upper Clapton Road London E5 9DB The Trustees Mr E Englander (Chairn)an) Mrs H Z Weiss Mr F L¢ichtag Asher Stemlicht FCA Cohen Arnold Chartered accountants New Burlington House 1075 Finchley Road LONDON NWI I OPU Independent Examiner Structure? governance and management Governing Document The charity is governed by a Trust Deed dated 14 September 2001. Appointment and Recruitment of Trusteey The Trustees administer the day-to-day affairs of the charity. Every Trustee holds office until he/she shall die or shall cease to hold office by virtue of the Trust Deed. None of the trustees have any beneficial interest in the charity. ere there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. The Chaimian of the Trustees would be responsible for the induction of any new Trustee, which involves awareness of a Trustee's responsibilities, the governing document, administrativ¢ procedures, the history and philosophical approach of the Charity. A new Trustee would receiv¢ copies of the previous year's annual report and accounts with detailed explanation thereof. Risk Management The trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
MENACHEM GENEIUL CHAIUTABLE TRUST Trustees, Annual Report fconfinued) Year ended 31 March 2024 Objectives and activities The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. Pursuant to the objects and having regard to the guidance of the Charity Commission relating to Public Benefit, the Trustees made grants to religious, educational and organisations for the relief of poverty. Grani Making Policy The Trustees are approached for donations by a wide variety of charitable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on th¢ l¢vel of funds available. Grants and donations in the year totalled £59,500 (2023: £27,500). Financlal review Income from donations and investments aggregated £64.657. Total resources expended were £73,202 resulting in net expenditure (before net loss¢s on investments) of £8,545. The Charity's Statement of Financial Activities shows a net deficit of £9,384 (2023: £24,417 surplus) and total reserves of £1,601.935 (2023: £1.611,319}. The financial results of the Charity's activiti¢s for the year to 31 March 2024 are fully reflected in the attached Financial Statements together with the Notes thereon. Reserves Pollcy The Reserves Policy of the Trustees is to maintain unrestricted fijnds, which are the free reserves of the Charity, at a level they consider appropriate to the Charity's needs taking into account likely future requirements. Plans for future periods The Trustees plan to continue making distributions in accordance with their grant-making p(ilicy and to ensure that the ability to generate sufficient income is maintained to achieve that end. The trustees, annual report was approved on trustees by: *..&o.land signed on behalf of th¢ board of Mr E Englaiide Trustee
MENACHEM GENERAL CHARITABLE TRUST Independent Examiner's Report to the Trustees of Menachem General Charitable Trust Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of Menachem General Charitable Trust ('the charity,) for the year ended 31 March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the charity as required by section 130 of the the financial statements do not accord with those records. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requirernent that the accounts give a 'true and fair, view which is not a matter considered part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Asher Sternlicht FCA Independent examiner COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NWII OPU Date: 2025
MENACHEM GENERAL CHARITABLE TRUST Statement of Financial Activities 31 Ivlarch 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Investment income 64,657 64,657 73,604 Total income 64,657 64,657 73,604 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expenditure {12,568) (60,634) (73,202) (12,568) (60,634) (73202) (16,356) (28,650) (45,006) Net loss on investments (839) (839) (4,181) Net (expenditure)lincome and net movement In funds (9,3 84) (9,384) 24.417 Reconciliation of funds Total funds brought forward Total funds carried fonvard ,611,319 1,611a19 1.586,902 1,611,319 1,601,935 1,601,935 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 12 form part of these financial stteMents.
MENACHEM GENERAL CHARITABLE TRUST Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Investments 14 1,529,868 1,530.707 Current assets Debtors Cash at bank and in hand 15 12,732 75,269 20,159 80,878 101,037 88,001 Creditors: amounts falling due within one year Net current assets 16 (15,934) (20,425) 72,067 1,601,935 80,612 Total assets less current liabilities 1,611.319 1,611.319 Net 28sets 1,601,935 Funds of the charity Unrestricted funds 1,601,935 1,601,935 1,611,319 1,611,319 Total charity funds 17 Tliese financial statements were approved by the board of trustees and authoris¢d for issue on .. s>vg..¥and are sigmed on behalf of the board by: Mr E Englaii Trustee er The notes on pages 6 to 12 form part of these finan¢ial ststements.
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements Year ended 31 March 2024 General information The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 141 B Upper Clapton Road, London, E5 9DB. Statement of compliance These financial statements have been prepared in compliance with FRS I02. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Charities Act 2011. Accounting policles BASIS of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional CuencY of the entity. Judgements and key sources of eslimation uncertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected futur¢ net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. Income tax The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly, the charity does not recognise any deferred tax liability on revaluations of investments as no tax would be due in the event of a disposal as the charity would benefit frotn the relevant exemptions, as it will apply all funds for qualifying charitable purposes.
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements fcomilnued) Year ended 31 March 2024 Aecounting policies {colllirtMÉd) Investment Properties Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognlsed initially at cost. Subsequent to initial recognition (A) Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the income and expenditure account in the period that they arise. and (li) No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is detemiined by the trustees based on professional valuations, their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent Comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition, Acquisitions and disposals of properlies Acquisitions and disposals of properties are considered to take place at the legal completion and are included in the financial statements accordingly. Trade debtorg The trustees use details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counteryjarty in making judgements concerning any need to impair the carying values. Fund accounting General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date. Designat¢d funds are funds which have been set aside at the discretion of the trustees for specifi purposes. There are no designated funds as at the Balance Sheet date. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the econotnic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are appli¢d to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established.
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements feonilnued) Year ended 31 March 2024 Accounting policies (conllnued) Incoming resources (Contlnmed) income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular putpose and returned if unspent, in which case it may be regarded a5 restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activ ities they contribute to on a reasonable, justifiable and consistent basis. Grants payable These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initial ly recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently tne&sured at the cash or other consideration expected to be paid or received and not diSunt¢d. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impaimi¢nt, an impairnient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements (eonllnued) Year ended 31 March 2024 Accounting policies rcontinued) Any reversals of impairnient are recognised immcdiately, to the extent that the reversal does not result in a canying amount of the financial asset that exc¢cds what th¢ canying amount would have been had the impainnent not previously been recognised. Investment income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Income from UK investment propertles Interest receivable 62,508 2,149 62,508 2,149 73,332 272 73.332 272 64,657 64,657 73,604 73,604 lllvestment management eosts Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment property management costs 12,568 12,568 16,356 16.356 Expenditure on ch&ritAble activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Paid Support costs 59,500 1,134 60,634 59,500 1,134 27,500 ,150 27,500 1,150 28,650 60,634 28,650 Expenditure on charitable Activities by activity type Grant funding of activities Support costs Total funds Total funds 2024 2023 Donations Paid Governance costs 59,500 59,500 1,134 27,500 1,150 1,134 1,134 59,500 60,634 28,650
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements (eollilnued) Year ended 31 March 2024 Analysis of grants 2024 2023 Grants to institutions Donations Paid 59,500 27,500 27,500 Total grants 59,500 All donations were made to charities whose objectives are in line with the objectives of the charity. The composition of donations is shown below. Yom Tov Grants Kollel Mishkon Yakov Limited Mesifta Talmudical College Bels Aharon Trust Limited Kollel Rabinov (Divrei Shir) Foundation Other grants 20,000 16,000 4,000 4,000 3,000 12,500 £59,500 Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Loss on revaluation of unlist¢d investment (839) (839) (839) (839) (4,181) (4,181) (4,181) (4,181) 10. Net income Net income is stated after charging: 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial ststements 985 975 11. Staff costs No salaries or wages have been paid to employees during the year. No staff were employed by the charity during the reporting period. io
MENACHEM GENEII4L CHARITABLE TRUST Notes to the Financial Statements (collilnued) Year ended 31 March 2024 12. Trustee remuneration 2nd expenses No salaries or wages have been paid to employees, including the trustees, during the year. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 13. Investments Investment Other properties investments Total Valuation At l April 2023 Revaluations 1,475,000 55,707 (839) 1,530,707 {839) At 31 March 2024 1,475,000 54,868 1,529,868 CarryiDg amount At 31 March 2024 1,475,000 1.475,000 54,868 1,529,868 1,530,707 At 31 March 2023 55,707 The charity's investment properties were valued by the trustees at 31 March 2024 based on the trustees, understanding of property market conditions and the specific properties concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. b. The historical cost of the properti¢s is £625.851 (2023: £625,851). The Trust holds l 00 % of the Issued Share Capital in Caneprop Limited, a property investment company incorporated in Great Britain and registered in England. The Loss for the Financial Year and aggregate Capitsl and Reserves ofthe Company at 31 March 2024 were £839 and £54,868 respectively. The fair value at 31 March 2024 of the Investments in unquoted Companies is based on the underlying value of assets less liabilities of these Companies. The valuation of properties and other assets in these Companies has been made by the Trustees of the Charitable company. 14. Debtors 2024 2023 Rents and charges receivable Other debtors 6,699 6,033 7,656 12,503 12,732 20.159
MENACHEM GENERAL CHARITABLE TRUST Notes to the Financial Statements {conrtnuÈd) Year ended 31 March 2024 15. Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors 7,424 8,510 15,934 7.300 13,125 20,425 16. Analysis of charitable funds Unrestrficted funds Atl April 2023 At31 March 2024 Income Expenditure General funds 1,611,319 64.657 (74,041) 1,601,935 Atl April 2022 At31 March 2023 Income Expenditure General funds 1,586,902 73,604 (49.187) 1,611 J19 17. Analysis of net assets between funds Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Investments Current assets Creditors less than one year Net assets 1,529,868 88,001 (15,934) 1,601,935 1,529,868 88,001 (15,934) 1,601,935 1,530,707 101,037 (20,425) 1,611.319 1,530,707 101,037 (20,425) 1,611,319 18. Related parties Th¢r¢ have been no related party transactions in the reporting period that require disclosure. 12