Charity reglstratlon number 1090240 {England and Wales) THE CARMONA CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE CARMONA CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Berkeley Daniella Berkeley Rodney Berkeley Charrty number (England and Wales) 1090240 Prfnclpal address 1 st Floor Rico House George Street Prestwich Manchester M25 9WS Independent examlner Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Bankars Royal Bank of Scotland PIC 2 Crofts Bank Road Urmston Manchester M41 OTU
THE CARMONA CHARITABLE TRUST CONTENTS Page Trustees, report Independent examiner's report statement of financial activities Balance sheet Notes to the financial statements 8-13
THE CARMONA CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial ststements comply with the charity's trust deed and applicable law. Objectives and actlvltles The principal objectives of the charity are.. -the advancement of the Jewish faith., -the advancement of Jewish education., and -the relief of poverty within the Jewish community. In accordance with the Trust Deed, the Trustees have the power to invest in stocks, shares and investments in the UK as they see fit. The Trustees believe that the performance of investments during the year has been satisfactory and has allowed them to meet their charitable objectives. The Trustees have absolute discretion in detefmining the selection of investments for the Trust. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year. The charity is funded by donations and income from investments and gives out grants in line with the above objects. Grants made during the year to institutions are as detailed in the accounts. The application of the funds is by way of grants to either institutions or individuals and is almost always to institutions. The Trustees receive many grant applications, They prlmarily support charities, organisations or individuals in the following areas.. advancement of the Jewish Faith, advancement of the Jewish education and rellef of poverty. In deciding vtho they support they consider the financial need and track reGord of the applicant. Achlevements and performance The annexed financial statements Show the state of the finances of the Trust a8 at 5 April 2024 which the Trustees consider to be satisfactory. Funds were distributed during the year ended 5April 2024 for the benefit of over 50 national charities. The charity received donations of £21,810 during the year (2023.. £19,362). The charity also had investment income during the year amounting to £296,98312023'. £796,044). The charity paid out £241,69612023. £803,131) by way of grants and donations during the year. The charlty has maintained low administrative costs during the years ended S April 2023 and 5 April 2024. There were no material fundraising costs during the year.
THE CARMONA CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Flnanclal revlew The trustees are delighted to report that all of the property investments are retuming at least a 15Qkn retum. The trustees consider this excepts'onal when compared with returns available on deposits in any of the banking institutions. These investment retums have been consistent for a number of year5 and are not at the expense of any exposure of loan to value covenants that would put these investments at risk. The huge gains made in the year are attributable to a new investment which is showing phenomenal potential and has provided a very strong retum. The trustees feel this was another year where the income generated from its investment, gains made on the sale of an investment asset and grants paid out showed the quality of the investments they have made. The trustees are delighted to have made many valuable contributions to the community as a result of these gains and donations and hope to be able to do so for many years to come. There is no formal policy to maintain a set level of reserves and the Trust aims to distribute all available income lo religious, educational and similar charities. Any income which has not been distributed will be held In the reserves for use in subsequent periods in line with the charities objectives. The Unrestricted Fund represents the unrestricted funds arlsing from past operating results. The Truslees ere satisfied that the balance of the Fund is an acceptsble level of reserves glven the nature of revenue receipts against grants payable, The Trustees have assessed the major risks to which the charty is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate any exposure to major risks. Plans for futura perlods The Trustees plan to continue Investing to raise funds in line with the Trust Deed and to utilise those funds for charitable purposes. Structur•, governance and management The Carmona Charitable Trust is constituted by a Deed of Settlement dated 15 November 2001, as amended by supplemental deed dated 4 February 2002, 83 amended by supplementsl deed 29 September 2014 and is registered charity no. 1090240. The Trust Fund and the income arising are held for charitable purposes. The Trustees have power to pay or apply capital of the Trust Fund from time to time for charitable purposes. The Trustees are empowered to make donations to registered charities only and individuals should therefore not seek financial assistance from the Trustees. Full details are included on the schedule of legal and administrative information. The Trustees who served during the year were.. Andrew Berkeley Daniella Berkeley Rodney Berkeley
THE CARMONA CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 There is no Chief Executive Officer nor any other staff employed by the charity. The day to day affairs are undertaken by Mr. A. Berkeley on behalf of the trustees. All major decisions are taken collectively by the twstees. Any recruitment and appaintmenl of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. Promotlng tha success of the company It is the aim of the charity to maintain unrestricted funds at a level sufficient to enable it to Continue to operate and meet its day to day running costs. On behalf of the Trustees drew Berkeley Trustee 0510212025
THE CARMONA CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARMONA CHARITABLE TRUST I report to the Trustees on my examination of the financial statements of The Carmona Charitable Trust (the charity) for the year ended 5 April 2024. Responslbllltles and basls of report As the Trustees of Ihe charity you are responsible for the preparation of the financial Statements in accordance with the requiremenls of the Charities Act 2011. I report in respect of my examination of the charlty's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51(bl of the Chariiies Act 2011. Independent èxaminerfs statement Since the charity's gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examination because l am a member of the Insts'tute of Chartered Accountsnts in England and Wales, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared the financial statements In accordance with the relevant v8rsion of the Statement of Recommended PractlC8 applicable to charilles pr8paring their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charitles- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed rny examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by Section 130 of the Charities Act 2011. the financial ststements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning thè form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial stalements give a Iru8 and fair view, which is nol a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which atlention should be drawn in this report in order to enable a proper understandin9 of the financial statements to be reached. Jason Selig BA FCA CTA DChA Loplan Gross Barnett & Co 1 st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Dated: 5 February 2025
THE CARMONA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unre5trlcted Unrestrlcted funds funds 2024 2023 Notes Income and endowments from: Donations Received Share of profrt from investments 21,810 296,983 19,362 796,044 Total Income 318,793 815,408 Ex endlture on: Charitable activities 241,696 803,131 Other 6,065 3,437 Total rogources expended 247,761 806,568 Net gain81{losses) on investments 10 3,617 Net Income for the yearl Nat movement In funds 71,032 12,455 Fund balances at 6 April 2023 932,004 919,549 Fund balances at S Aprll 2024 1,003,036 932,004 The statement of financial actlvitles indudes all galns and losses recognised in the year. All income and expenditure derive from continuing activitles.
THE CARMONA CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Flxed assets Investments 12 506,157 506,142 Current assets Debtors Cash at bank and in hand 13 515,664 119,963 295,066 449,458 835,627 744,524 Credltors: amounts falllng due wlthln one year 14 (138,748) (318,662) Net current assets 496,879 425,862 Total a88ets1o53 currant Ilabllltlo8 1,003,036 932,004 The funds of the charlty Unrestricted funds 16 1,003,036 932,004 1,003,036 932,004 0510212025 The financial statements were approved by the Trustees on . rew Berkeley Trustee
THE CARMONA CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Note5 Cash flows from operatlng actlvltleg Cash (absorbed by)Igenerated from operats'ons (329,4801 617,636 Investlng actlvltles Purchase of investments Proceeds from disposal of investments (15) 1370,000) 40,135 Net cash used In Investlng actlvltles (15) (329,865) Net cash generated from flnanclng actlvltlos Net (decrease)Ilncrease In cash and cash equlvalents (329,495) 287,771 Cash and cash equlvalents at beginning of year 449,458 161,687 Cash and cash equlvalents at end of year 119,963 449,458
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcle5 Charlty Informatlon The Carmona Charitable Trust is a Charitable Twst registered by the Charity Commission, charity no. 1090240. 1.1 Accountlng conventlon The accounts have been prepared in accordance with the chanty's governing document, the ChaTitie5 Act 2011 and 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2016). The charity Is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but whlch has since been withdrawn. The financial statements are prepared In sterling, which is the functional currency of the charity. Monetary amounts in these financial statement5 are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charty 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 Charftable fundg Unrestncted funds are available for use at the discretion of the Trustees in furtherance of their charltable oblectives, Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors ihat the capital must be maintained by the charity. 1.4 Incomlng 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. Cash 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 receipt. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. 1.5 Resources expended
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollclas (Contlnued) 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. 1.6 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents 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. 1.8 Flnanclal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrument5 Issues, of FRS 102 to all of its finanaal instruments. Financial instruments are recognised in the charity'5 balance sheet when the charity becomes party to the contractual provisions of the instrument. Flnancial assets and liablllties are offset, th the net amaunts presented In the financial statements, when there is a legally 8nforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reallse the asset and settle the liability simultaneously, Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including Iransaction cosls 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 interesl. Financial ass8ts classified as receivable within one year are not amortised. Baslc financial Ilabllities 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 al 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 supplier5. Amounts payable are dassified 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.
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles (Contlnued Derecognltion of flnancial liabllitle5 Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng estlmates and ludgem8nts In the application of the charity's accountlng 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 revislon and future periods where the revision affects both current and future periods. Donatlons Recelvod 2024 2023 Donations and gifts 21,810 19,382 Share of profft from Investments 2024 2023 Other Income 296,983 796,044 Charltable actlvltles 2024 2023 Grant funding of activities (see note 6) 241,696 803,131 10-
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable Donatlons 2024 Donatlons 2023 Grants to institutions.. Advancement of the Jewish faith Advancement of Jewish education Relief of poverty 48,374 36,970 126,350 270,712 262,790 233,429 211,894 766,931 Grants to individuals 30,000 36,200 241,694 803,131 Material grants were made to the followlng institutions.. Asser Bishvll - £33,952 Amud Hatzdoko Trust- £32,610 Foundation for Paediatric Osteopathy- £25,000 UK Friends ofAFIKIM - £20,000 Aish Hatorah Uk- £15,750 SEED- £10,000 Trustee8 None of the Trustees (or any persons connected wlth them) rec•lved any remuneration or benefits from the charity during the year. None of the Trustees (or any persons connected with them) received any reimbursement of expenses from the charity during year. Employees There were no employees during the year. Other Unrestrlcted Unrestricted funds funds 2024 2023 Accountancy Fees Insurance Bank Charges Professional Fees 4,440 725 900 1,680 557 1,200 6,065 3,437 11
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Net galnsl(lossesl on Investments 2024 2023 Gainl(loss) on sale of investments 3,817 11 Taxatlon The charity is exempt from taxation on its activits'es because all its income is applied for charitable purposes. 12 Flx•d asset Investments Unllst•d Investments Cost or valuatlon At 6 April 2023 Additions 506,142 At 5 April 2024 506,157 Carrylng amount At 05 April 2024 506,157 At 05 Aprll 2023 506,142 13 Debtors 2024 2023 Arnounts falllng due wlthln one year: other debtors 515,664 295,066 14 Credltors: amounts falllng due wlthln one year 2024 2023 Other creditors Accrua15 and deferred income 135,748 3,000 317,102 1,560 138,748 318,662 12-
THE CARMONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Unrestricted funds The unrestricted funds of the charity cornprise 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 6 Aprll 2023 Incomlng resources Resourc8S expendod Galns and 10558S At 5 Aprll 2024 General funds 932.004 318,793 (247,7611 1,003,036 Prnvlou• year: At 6 Aprll 2022 Incomlng resources Resources expended Galns and losses At 6 ApTII 2023 General fund5 919,549 815,406 (806,568) 3,617 932,004 16 Related party transactlons There were no disclosable related party transactions during the year12023.' There w8re no disclosable related party transactions during the year). 13-