**REGISTERED CHARITY NUMBER: 1094325** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 30 September 2024** ## **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 2024** |||**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 2024** The trustees present their report with the financial statements of the charity for the year ended 30 September 2024. 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 ## **Independent Examiner** Mr A Heller FCA Martin+Heller 5 North End Road London NW11 7RJ Page 1 **Elem Charitable Trust** **Report of the Trustees for the Year Ended 30 September 2024** 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 2024. ## **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 2024** |30.9.24
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Investment income
2
75,482
**EXPENDITURE ON**
**Charitable activities**
Grants to institutions
62,991
Other
948
**Total**
63,939
**NET INCOME/(EXPENDITURE)**
11,543
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,145,156
**TOTAL FUNDS CARRIED FORWARD**
1,156,699|30.9.23
Total funds
£
49,213
63,160
948
64,108
(14,895)
1,160,051
1,145,156| |---|---| The notes form part of these financial statements Page 4 **Elem Charitable Trust** ## **Balance Sheet 30 September 2024** |30.9.24
Unrestricted
fund
Notes
£
**FIXED ASSETS**
**Investments**
Investments
6
268,754
Investment property
7
558,000
826,754
**CURRENT ASSETS**
Debtors
8
130,000
Investments
9
247,500
Cash at bank
57,347
434,847
**CREDITORS**
Amounts falling due within one year
10
(104,902)
**NET CURRENT ASSETS**
329,945
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
1,156,699
**NET ASSETS**
1,156,699
**FUNDS**
12
Unrestricted funds
1,156,699
**TOTAL FUNDS**
1,156,699|30.9.23
Total funds
£
259,246
558,000
817,246
-
395,000
22,912
417,912
(90,002)
327,910
1,145,156
1,145,156
1,145,156
1,145,156| |---|---| 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 2024** ## **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. ## **2. INVESTMENT INCOME** |Rents received
Syndicate income
Deposit account interest
Loan interest received|30.9.24
£
4,315
32,094
478
38,595
75,482|30.9.23
£
9,103
22,290
432
17,388| |---|---|---| |||49,213| Page 6 continued... **Elem Charitable Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 September 2024** ## **3. GRANTS PAYABLE** |Grants to institutions
Total grants paid to institutions is comprised as follows:|30.9.24
£
62,991||30.9.23
£
63,160| |---|---|---|---| |Achisomoch Aid Company|||6,650| |Ahavas Torah|||3,740| |Beis Shmuel Synagogue|||3,800| |Bnos Agudas Yisroel|||3,250| |Chasdei Dov|||6,500| |Friends Of Tiferes|||4,000| |Jewish Teachers' Training College|||5,400| |Chesed Charity Trust|||5,000| |Seret Viznitz|||5,500| |Teshuvoh Tefilloh Tzedokoh|||4,000| |Woodstock Sinclair Trust|||4,600| |Yeshivas Ohr Reuven|||6,500| |Other donations less than £3,000|||4,051| ||||| ||||| ||||62,991| ||||| ||||| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Investment income|49,213| |**EXPENDITURE ON**|| |**Charitable activities**|| |Grants to institutions|63,160| |Other|948| |**Total**|64,108| |**NET INCOME/(EXPENDITURE)**|(14,895)| continued... Page 7 **Elem Charitable Trust** **Notes to the Financial Statements - continued for the Year Ended 30 September 2024** ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |||Unrestricted|Unrestricted| |---|---|---|---| |||fund|| ||||£| ||**RECONCILIATION OF FUNDS**||| ||Total funds brought forward|1,160,051|| ||**TOTAL FUNDS CARRIED FORWARD**|1,145,156|| |**6.**|**FIXED ASSET INVESTMENTS**||| |||Unlisted|| |||investments|| |||£|| ||**MARKET VALUE**||| ||At 1 October 2023|259,246|| ||Additions|11,095|| ||Disposals|(1,587)|| ||At 30 September 2024|268,754|| ||**NET BOOK VALUE**||| ||At 30 September 2024|268,754|| ||At 30 September 2023|259,246|| Investment assets held in the UK amounted to £167,357. Investment assets held outside the UK amounted to £101,396. ## **7. INVESTMENT PROPERTY** |**FAIR VALUE**
At 1 October 2023
and 30 September 2024
**NET BOOK VALUE**
At 30 September 2024
At 30 September 2023
Fair value at 30 September 2024 is represented by:
Valuation in 2016
Valuation in 2021
Cost|£
558,000| |---|---| ||558,000| ||558,000| ||£
325,394
58,333
174,273| ||558,000| continued... Page 8 **Elem Charitable Trust** **Notes to the Financial Statements - continued for the Year Ended 30 September 2024** |**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**9.**
**CURRENT ASSET INVESTMENTS**
Unlisted investments
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other creditors-Feiner loans
**12.**
**MOVEMENT IN FUNDS**
At 1/10/23
£
**Unrestricted funds**
General fund
1,145,156
**TOTAL FUNDS**
1,145,156
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
75,482
**TOTAL FUNDS**
75,482||| |---|---|---| |||| continued... Page 9 **Elem Charitable Trust** **Notes to the Financial Statements - continued for the Year Ended 30 September 2024** ## **12. MOVEMENT IN FUNDS - continued** **Comparatives for movement in funds** |At 1/10/22
£
**Unrestricted funds**
General fund
1,160,051
**TOTAL FUNDS**
1,160,051
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
49,213
**TOTAL FUNDS**
49,213|Net
movement
in funds
£
(14,895)
(14,895)
Resources
expended
£
(64,108)
(64,108)|At 30/9/23
£
1,145,156|At 30/9/23
£
1,145,156| |---|---|---|---| |||1,145,156|| |||Movement
in funds
£
(14,895)
(14,895)|| ||||(14,895)| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/10/22
£
1,160,051
1,160,051|Net
movement
in funds
£
(3,352)
(3,352)|At 30/9/24
£
1,156,699| |---|---|---|---| ||||1,156,699| 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|124,695|(128,047)|(3,352)| |**TOTAL FUNDS**|124,695|(128,047)|(3,352)| continued... Page 10 **Elem Charitable Trust** **Notes to the Financial Statements - continued for the Year Ended 30 September 2024** ## **13. RELATED PARTY DISCLOSURES** Transactions with trustees during the year were as follows: |**S Feiner:**||| |---|---|---| ||2024|2023| ||£|£| |Balance b/f|93,762|83,762| |Movement in year|9,000|10,000| |||| |Balance c/f|102,762|93,762| |||| |||| Page 11 **Elem Charitable Trust** ## **Detailed Statement of Financial Activities for the Year Ended 30 September 2024** |**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 income/(expenditure)**|30.9.24
£
4,315
32,094
478
38,595
75,482
75,482
62,991
900
48
63,939
11,543|30.9.23
£
9,103
22,290
432
17,388
49,213
49,213
63,160
900
48
64,108
(14,895)| |---|---|---| This page does not form part of the statutory financial statements Page 12