2023-09-30-accounts - Elem Charitable Trust

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REGISTERED CHARITY NUMBER: 1094325

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 September 2023

for

Elem Charitable Trust

Martin+Heller 5 North End Road London NW11 7RJ

Elem Charitable Trust

Contents of the Financial Statements for the Year Ended 30 September 2023

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Balance Sheet		5
Notes to the Financial Statements	6	to	11
Detailed Statement of Financial Activities		12

Elem Charitable Trust

Report of the Trustees for the Year Ended 30 September 2023

The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's object and principal activity continues to be that of the promotion of the Orthodox Jewish Faith and relief of poverty.

Public benefit

The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from investment income.

FINANCIAL REVIEW

Reserves policy

The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Risk management

The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1094325

Principal address

24 The Grove NW11 9SH

Trustees

Mr A M Cohen Mrs C E Cohen Mr L Feiner Mrs M Feiner Mr S Feiner

Page 1

Elem Charitable Trust

Report of the Trustees

for the Year Ended 30 September 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

Mr A Heller FCA Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Mr S Feiner - Trustee

Page 2

Independent Examiner's Report to the Trustees of Elem Charitable Trust

Independent examiner's report to the trustees of Elem Charitable Trust

I report to the charity trustees on my examination of the accounts of Elem Charitable Trust (the Trust) for the year ended 30 September 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 confirm 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 records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr A Heller FCA

Martin+Heller 5 North End Road London NW11 7RJ

Date: .............................................

Page 3

Elem Charitable Trust

Statement of Financial Activities for the Year Ended 30 September 2023

30.9.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 49,213 EXPENDITURE ON Charitable activities Grants to institutions 63,160 Other 948 Total 64,108 NET INCOME/(EXPENDITURE) (14,895) RECONCILIATION OF FUNDS Total funds brought forward 1,160,051 TOTAL FUNDS CARRIED FORWARD 1,145,156	30.9.22 Total funds £ 83,152
	62,265 948
	63,213
	19,939 1,140,112
	1,160,051

The notes form part of these financial statements

Page 4

Elem Charitable Trust

Balance Sheet 30 September 2023

30.9.23
Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
Investments
6
259,246
Investment property
7
558,000
817,246
CURRENT ASSETS
Investments
8
395,000
Cash at bank
22,912
417,912
CREDITORS
Amounts falling due within one year
9
(90,002)
NET CURRENT ASSETS
327,910
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,145,156
NET ASSETS
1,145,156
FUNDS
11
Unrestricted funds
1,145,156
TOTAL FUNDS
1,145,156

30.9.22
Total funds
£
254,238
558,000
812,238
395,000
38,715
433,715
(85,902)
347,813
1,160,051
1,160,051
1,160,051
1,160,051

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

............................................. Mr S Feiner - Trustee

The notes form part of these financial statements

Page 5

Elem Charitable Trust

Notes to the Financial Statements for the Year Ended 30 September 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 6

continued...

Elem Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

2. INVESTMENT INCOME Rents received Syndicate income Deposit account interest Loan interest received 3. GRANTS PAYABLE Grants to institutions Total grants paid to institutions is comprised as follows: Ahavas Torah North London Welfare And Educational Foundation Teshuvoh Tefilloh Tzedokoh Woodstock Sinclair Trust Yeshivas Ohr Reuven Other donations less than £4,000	30.9.23 £ 9,103 22,290 432 17,388 49,213 30.9.23 £ 63,160		30.9.22 £ 8,361 42,748 115 31,928 83,152 30.9.22 £ 62,265
			5,680
			6,250
			12,000
			6,460
			6,500
			26,270


			63,160

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.

continued...

Page 7

Elem Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
		Unrestricted
		fund
		£
	INCOME AND ENDOWMENTS FROM
	Investment income	83,152
	EXPENDITURE ON
	Charitable activities
	Grants to institutions	62,265
	Other	948
	Total	63,213
	NET INCOME	19,939
	RECONCILIATION OF FUNDS
	Total funds brought forward	1,140,112
	TOTAL FUNDS CARRIED FORWARD	1,160,051
6.	FIXED ASSET INVESTMENTS
		Unlisted
		investments
		£
	MARKET VALUE
	At 1 October 2022	254,238
	Additions	10,047
	Disposals	(5,039)
	At 30 September 2023	259,246
	NET BOOK VALUE
	At 30 September 2023	259,246
	At 30 September 2022	254,238

Investment assets held in the UK amounted to £152,841. Investment assets held outside the UK amounted to £101,396.

continued...

Page 8

Elem Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

7. INVESTMENT PROPERTY FAIR VALUE At 1 October 2022 and 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 Fair value at 30 September 2023 is represented by: Valuation in 2016 Valuation in 2021 Cost 8. CURRENT ASSET INVESTMENTS Unlisted investments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other creditors-Feiner loans	30.9.23 £ 395,000 30.9.23 £ 90,002 30.9.23 £ 93,762		£ 558,000	£ 558,000
			558,000
			558,000
			£ 325,394 58,333 174,273
			558,000
			30.9.22 £ 395,000
				30.9.22 £ 85,902
				30.9.22 £ 83,762

continued...

Page 9

Elem Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

11. MOVEMENT IN FUNDS

At 1/10/22 £ Unrestricted funds General fund 1,160,051 TOTAL FUNDS 1,160,051 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 49,213 TOTAL FUNDS 49,213 Comparatives for movement in funds At 1/10/21 £ Unrestricted funds General fund 1,140,112 TOTAL FUNDS 1,140,112 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 83,152 TOTAL FUNDS 83,152	Net movement in funds £ (14,895) (14,895) Resources expended £ (64,108) (64,108) Net movement in funds £ 19,939 19,939 Resources expended £ (63,213) (63,213)	At 30/9/23 £ 1,145,156 1,145,156 Movement in funds £ (14,895) (14,895) At 30/9/22 £ 1,160,051 1,160,051 Movement in funds £ 19,939 19,939

continued...

Page 10

Elem Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1/10/21 £ 1,140,112 1,140,112	Net movement in funds £ 5,044 5,044	At 30/9/23 £ 1,145,156
			1,145,156

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	132,365	(127,321)	5,044
TOTAL FUNDS	132,365	(127,321)	5,044

12. RELATED PARTY DISCLOSURES

Transactions with trustees during the year were as follows:

S Feiner:

S Feiner:
	2023	2022
	£	£
Balance b/f	83,762	83,762
Movement in year	-	-

Balance c/f	83,762	83,762

Page 11

Elem Charitable Trust

Detailed Statement of Financial Activities for the Year Ended 30 September 2023

INCOME AND ENDOWMENTS Investment income Rents received Syndicate income Deposit account interest Loan interest received Total incoming resources EXPENDITURE Charitable activities Grants to institutions Other Accountancy Support costs Finance Bank charges Total resources expended Net (expenditure)/income	30.9.23 £ 9,103 22,290 432 17,388 49,213 49,213 63,160 900 48 64,108 (14,895)	30.9.22 £ 8,361 42,748 115 31,928
		83,152
		83,152 62,265 900 48
		63,213
		19,939

This page does not form part of the statutory financial statements

Page 12