**Charity registration number 1094524**
## **THE TIKVAH TRUST**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 NOVEMBER 2022**
4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE
## **THE TIKVAH TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr D Kellard Mrs J Kellard Mr N A May Mr S Kellard Ms B Turner Mr S Dowding **Charity number** 1094524 **Principal address** Flat 2 The Orchard 12 Balcombe Road Branksome Park Poole Dorset BH13 6DY **Independent examiner** Harrisons Chartered Accountants 4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE
## **THE TIKVAH TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 15|
|**The following pages do not form part of the financial statements**||
|Detailed statement of financial activities|16|
## **THE TIKVAH TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
The trustees present their annual report and financial statements for the year ended 30 November 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities 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 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity's objectives are to support charitable institutions or works that are engaged in the advancement of the tenets of the Christian faith or that help provide relief for the poor and needy, in the United Kingdom and overseas.
The policy adopted in furtherance of the objectives of the charity is to make charitable donations within the scope of the income received during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
Donations received during the year total £19,025 (2021: £47,027). This along with funds held from previous years has entitled the charity to make gifts to institutions and other parties in the year totalling £46,737 (2021: £77,233), furthering the objectives of the charity.
This year has seen significant progress, building on the momentum established in 2021-2.
Our fledgling partner agency in the Philippines, Tikvah Inc. has become established with a robust International Board, comprising five Filipino nationals and three British people. Sam Dowding and Duncan Kellard are the Trust’s representatives on the Board, as well as acting as Directors, to ensure that Trust contributions are administered with integrity and efficacy. A third UK national, Craig Jamieson, a highly respected horticulturist who works throughout South and South-East Asia brings expertise as we seek to develop a multi-disciplined training farm in Palawan.
With respect to the farm, we have been delighted to invest in land adjacent to the existing farm which has doubled the working area, and provided sloping and elevated land to complement the low set, mainly paddy-field land owned previously. The new land comes with several structures including a spacious house ideal for hosting visitors, trainees and hosting training events.
Developments on the farm have continued apace including the completion of two permanent fishponds, construction of two bridges to connect the two pieces of land and refurbishment of goat housing. These have progressed despite a spate of unusually disastrous weather events including a highly destructive typhoon and three serious floods. Credit to the character of our Filipino partner team who have made great progress in the face of such trials.
On the home front, we have begun implementing goals set out in our investment policy, aimed at significantly diversifying investments as well as increase revenue by 2025. These include the purchase of our first rental property, and a partner investment in Green Pastures, a UK housing charity. The rental income has subsequently funded a major development initiative in a Safe Home for young girls rescued from trafficking. We look forward to reporting in detail in the 2022/3 Trustees’ report.
Another significant step forward for the Trust has been to bolster our team with the addition of a part-time administrator. Caroline Smith, who joined the team in October 2022, brings with her thirty years’ experience in local government planning and has made an immediate impact on our functionality, assisting the Trustees and Field Officer through efficient implementation of Board decisions.
- 1 -
## **THE TIKVAH TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
As to other fields of operation, we were pleased to meet in December 2022 with representatives of UK Charity Life Bridging Works, where discussions ensued regarding potential partnership in their medical interventions in South Sudan. Nick May, who travels regularly to East Africa, has spear-headed Tikvah’s partnership. An initial donation has been made to enable them to set up their ‘Medical Mission’ initiative focussing on pre- neo- and post-natal care in hard-to-access villages in the South Sudan bush.
We have also conducted consultations with long time Mission partner World Outreach, Steve Kellard heading this up by arranging a meeting between Trustees and World Outreach’s International and UK Directors. Duncan Kellard followed this up with meetings in Singapore in September 2022. At present no further joint initiatives are in place, but there are discussions regarding partnering in Myanmar and Cambodia in the future.
Donations were also made to pro-life agencies for their work in Uganda.
The year closed in a very positive manner, with our inaugural biennial Summit, a series of face-to -face meetings over nine days in the UK. This enabled us to plan in detail our endeavours for the coming two years, as well as deepen friendships and working relationships.
On the table as the year ended were a UK Trustee visit to our Filipino partner, Tikvah Inc. in Palawan, a visit from the Palawan team to ECHO (Chiang Mai) and the Mekong Vocational Centre in Laos, the beginning of an intern programme for vulnerable young adults in Palawan and further partnership with Life Bridging Works in Laos. We look forward to reporting on these and other exciting developments in the next annual report.
## **Financial review**
During the year the charity generated a deficit on the unrestricted funds of £44,943 (2021: £65,174) however due to loan notes received during 2015 the general unrestricted funds totalled £5,596,343 (2021: £5,641,286) at the balance sheet date.
The restricted funds show net expenditure of £18,712 (2021: income of £16,186) for the year. This represents specific donations collected during the year paid out to charitable organisations during the year.
It is the policy of the charity to spend income which becomes available to it, at the trustees' discretion, in furtherance of the trust's objectives, whilst maintaining funds at a level that will provide sufficient monies to cover all management, administration and support costs, together with any other commitment that has been entered into from time to time.
The funds are therefore maintained at a level equal to at least that described above through the year.
The principal risks faced by the Trust lie in operational risks from ineffective grant making and the capacity of the Trust to make effective grants.
The charity is committed to continuing to provide support to charitable institutions, works of the tenets of the Christian faith or that help provide relief for the poor and needy, in the United Kingdom and overseas.
Additional funding has been secured for the coming years in terms of the receipt by the charity of £3,999,995 of Loan Notes during 2015. It is hoped that the correct investment of these funds and its associated income will help further the reach of the charity's activities.
## **Structure, governance and management**
The charity is governed by a charitable Trust Deed made by P Kellard, J A Kellard and D J Kellard on 18 March 2002 amended by deeds dated 30 December 2017 and 10 June 2021.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr D Kellard
Mrs J Kellard Mr N A May Mr S Kellard Ms B Turner Mr S Dowding
- 2 -
## **THE TIKVAH TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
New Trustees are recruited and appointed at the discretion of the existing Trustees of the charity.
The trustees' report was approved by the Board of Trustees.
**Mr N A May** Trustee Dated: 28 September 2023
- 3 -
## **THE TIKVAH TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TIKVAH TRUST**
I report to the trustees on my examination of the financial statements of The Tikvah Trust (the charity) for the year ended 30 November 2022.
## **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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
Harrisons Chartered Accountants
4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE
Dated: 28 September 2023
- 4 -
## **THE TIKVAH TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
-
19,025
Investments
**4**
30,362
-
**Total income**
30,362
19,025
**Expenditure on:**
Charitable activities
**5**
79,342
37,737
**Net expenditure for the year/**
**Net outgoing resources**
(48,980)
(18,712)
**Other recognised gains and losses**
Other gains or losses
**9**
4,037
-
**Net movement in funds**
(44,943)
(18,712)
Fund balances at 1 December
2021
5,641,286
20,800
**Fund balances at 30**
**November 2022**
5,596,343
2,088|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
19,025
-
47,027
30,362
28,729
-
49,387
28,729
47,027
117,079
93,973
30,841
(67,692)
(65,244)
16,186
4,037
70
-
(63,655)
(65,174)
16,186
5,662,086
5,706,460
4,614
5,598,431
5,641,286
20,800|**Total**
**2021**
**£**
47,027
28,729
75,756
124,814
(49,058)
70
(48,988)
5,711,074
5,662,086|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **THE TIKVAH TRUST**
## **BALANCE SHEET**
## _**AS AT 30 NOVEMBER 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
Investment properties
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**14**
Unrestricted funds|**2022**
**£**
**£**
166,572
319,214
485,786
40,343
5,076,965
5,117,308
(4,663)
5,112,645
5,598,431
2,088
5,596,343
5,598,431|**2021**
**£**
**£**
1,139
-
1,139
25,621
5,639,133
5,664,754
(3,807)
5,660,947
5,662,086
20,800
5,641,286
5,662,086|**2021**
**£**
**£**
1,139
-
1,139
25,621
5,639,133
5,664,754
(3,807)
5,660,947
5,662,086
20,800
5,641,286
5,662,086|
|---|---|---|---|
||||1,139
5,660,947|
||||5,662,086|
||||20,800
5,641,286|
||||5,662,086|
The financial statements were approved by the Trustees on 28 September 2023
Mr N A May **Trustee**
- 6 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **1 Accounting policies**
## **Charity information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Flat 2, The Orchard, 12 Balcombe Road, Branksome Park, Poole, Dorset, BH13 6DY.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities 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 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors 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.
## **1.4 Income**
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 the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
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, noncharitable 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 activities they contribute to on a reasonable, justifiable and consistent basis.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Equipment 4 years straight line Motor vehicles 25% reducing balance
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 net income/ (expenditure) for the year.
- **1.7 Investment properties**
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.8 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).
## **1.9 Financial instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
- 8 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **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.
## **3 Donations and legacies**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Donations and gifts|19,025|47,027|
|**Investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Interest receivable|30,362|28,729|
## **4 Investments**
- 9 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **5 Charitable activities**
|**Grant**
**funding**
**charitable**
**activities**
**Investment**
**property**
**expenditure**
**2022**
**2022**
**£**
**£**
Depreciation and impairment
285
-
Direct charitable expenditure
42,449
-
Tikvah Farm Project costs
65
-
Supporters meeting costs
154
-
Summit travel expenses
101
-
Insurance
-
1,017
Repairs and maintenance
-
18,306
Rates, light and water
-
743
43,054
20,066
Grant funding of activities (see note 6)
46,736
-
Share of governance costs (see note 7)
7,223
-
97,013
20,066
**Analysis by fund**
Unrestricted funds
59,276
20,066
Restricted funds
37,737
-
97,013
20,066|**Total**
**2022**
**Grant**
**funding**
**charitable**
**activities**
**2021**
**£**
**£**
285
380
42,449
31,760
65
4,167
154
-
101
-
1,017
-
18,306
-
743
-
63,120
36,307
46,736
77,233
7,223
11,274
117,079
124,814
79,342
93,973
37,737
30,841
117,079
124,814|**Total**
**2022**
**Grant**
**funding**
**charitable**
**activities**
**2021**
**£**
**£**
285
380
42,449
31,760
65
4,167
154
-
101
-
1,017
-
18,306
-
743
-
63,120
36,307
46,736
77,233
7,223
11,274
117,079
124,814
79,342
93,973
37,737
30,841
117,079
124,814|
|---|---|---|
|||**2021**
**£**
380
31,760
4,167
-
-
-
-
-|
|||36,307
77,233
11,274|
|||124,814|
|||93,973
30,841|
|||124,814|
## **6 Grants payable**
||**Grant**|Grant|
|---|---|---|
||**funding**|funding|
||**charitable**|charitable|
||**activities**|activities|
||**2022**|2021|
||**£**|£|
|Support of Charitable Institutions|46,736|77,233|
## Grant funding charitable activities
The grant funding activities costs above relate to grants made to charitable institutions. These charitable institutions undertake activities or projects in the advancement of the tenets of the Christian Faith or that help provide relief for the poor and needy, which is congruent with the objectives of the charity.
- 10 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **7 Support costs**
||**Support &**|Support &|
|---|---|---|
||**Governance**|Governance|
||**costs**|costs|
||**2022**|2021|
||**£**|£|
|Legal and professional|7,223|11,274|
||7,223|11,274|
|Analysed between|||
|Charitable activities|7,223|11,274|
Governance costs includes independent examination fees of £3,576 (2021- £3,312).
## **8 Trustees**
No Trustee received any remuneration for their services as trustee during the current or previous year.
No expenses were reimbursed to any Trustee during the current or previous year, other than as disclosed in the related party note.
## **9 Other gains or losses**
|**Other gains or losses**|||
|---|---|---|
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Foreign exchange (gains) / losses|(4,037)|(70)|
- 11 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **10 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Equipment Motor vehicles**
**£**
**£**
**£**
**Cost**
At 1 December 2021
-
2,183
4,800
Additions
165,103
772
-
At 30 November 2022
165,103
2,955
4,800
**Depreciation and impairment**
At 1 December 2021
-
2,183
3,661
Depreciation charged in the year
-
157
285
At 30 November 2022
-
2,340
3,946
**Carrying amount**
At 30 November 2022
165,103
615
854
At 30 November 2021
-
-
1,139|**Total**
**£**
6,983
165,875|
|---|---|
||172,858|
||5,844
442|
||6,286|
||166,572|
||1,139|
The freehold land and buildings purchased in the year were purchased in the name of Tikvah Inc and is held in trust for the charity.
## **11 Investment property**
|**Fair value**
At 1 December 2021
Additions through external acquisition
At 30 November 2022|**2022**
**£**
-
319,214|
|---|---|
||319,214|
- 12 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **12 Debtors**
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2022**
**£**
15
40,328
40,343|**2021**
**£**
15
25,606|
|---|---|---|
|||25,621|
## **13 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Other creditors
Accruals and deferred income|**2022**
**£**
666
3,997
4,663|**2021**
**£**
666
3,141|
|||3,807|
## **14 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1 December**|**resources**|**expended**||**30 November**|
||**2021**||||**2022**|
||**£**|**£**|**£**|**£**|**£**|
|KNA Fund|20,800|-|(10,000)|(10,800)|-|
|Tikvah Inc Fund|-|19,025|(27,737)|10,800|2,088|
||20,800|19,025|(37,737)|-|2,088|
||||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|
|||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1**|**December**|**resources**|**expended**||**1 December**|
|||**2020**||||**2021**|
|||**£**|**£**|**£**|**£**|**£**|
|KNA Fund||4,614|47,027|(30,841)|-|20,800|
- 13 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **14 Restricted funds**
## **(Continued)**
The KNA fund is a restricted fund for the purpose of providing support to Kanlungan Ng Ama (KNA), an organisation in the Philippines which gives aid to children on the island of Palawan.
The Tikvah Inc fund is a restricted fund for the purpose of providing support to Tikvah Inc, an organisation in the Philippines, which is a non-profit Company established to pioneer sustainable agricultural techniques and train the disadvantaged rural poor in order to give opportunities to ascend from poverty.
## **15 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 30
November 2022 are
represented by:
Tangible assets
166,572
-
Investment properties
319,214
-
Current assets/(liabilities)
5,117,870
(5,225)
5,603,656
(5,225)|**Total**
Unrestricted
funds
**2022**
2021
**£**
£
166,572
1,139
319,214
-
5,112,645
5,640,147
5,598,431
5,641,286|Restricted
funds
2021
£
-
-
20,800
20,800|Total
2021
£
1,139
-
5,660,947|
|---|---|---|---|
||||5,662,086|
## **16 Related party transactions**
## **Transactions with related parties**
Mr D J Kellard was a Trustee of the charity throughout the current and previous year. He is also a director of Tikvah Inc referred to in note 14 above. During the year expenditure of £7,648 (2021: £3,411) of this £7,157 relates to travel expenses with £491 relating to other direct charitable costs were reimbursed to Mr D J Kellard on behalf of The Tikvah Trust in connection with its projects in the Philippines, Thailand, Laos and Myanmar. Mr D J Kellard was also paid £28,350 (2021: £28,350) in relation to consultancy services provided outside of his normal trustee duties.
Mr S Dowding was a Trustee of the charity from January 2021. He is also a director of the Kanlungan Ng Ama (KNA) and Tikvah Inc referred to in note 14 above. During the year expenditure of £1,800 relating to travel, subsistence and other direct charitable costs were reimbursed. The total of grants paid to KNA by The Tikvah Trust was £10,000.
During the year donations totalling £19,025 were received from donors for Tikvah Inc. The total of grants paid to Tikvah Inc. by The Tikvah Trust was £27,737.
- 14 -
## **THE TIKVAH TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **16 Related party transactions**
**(Continued)**
Mr S A Kellard was a Trustee of the charity throughout the current and previous year. During the year he was paid £159 (2021: £nil) in respect of subsistence and other direct charitable costs.
Mrs J Kellard was a Trustee of the charity throughout the current and previous year. During the year she was paid £2,452 in respect of travel costs.
The aggregate total of donations received from trustees with no specific conditions during the year was £8,060 (2021: £13,033).
- 15 -
## **THE TIKVAH TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**Income and endowments**
**Donations and legacies**
Donations and gifts
**Investment income**
Bank interest receivable
**Total incoming resources**
**Expenditure**
**Expenditure on charitable activities**
**_Activities undertaken directly_**
Depreciation
Direct charitable expenditure
Tikvah Farm Project costs
Supporters meeting costs
Summit travel expenses
Grants paid
Empathy International
Emergency relief typhoon
CBRUK Gift
MediaServe
Sabak Ateng Ama
The Pace Trust
The Leprosy Mission
Tikvah Inc
KNA
Barnabas Fund Covid Emergency
Life Bridging Works
Insurance
Repairs and maintenance
Rates, light and water
**Governance costs**
Governance depreciation
Accountancy fees
Legal and professional fees
Telephone
Bookkeeping fees
Bank charges
Insurance
Printing, postage and stationery
**Total expenditure**
**Other gains and losses**
Foreign exchange losses
**Net deficit**|**2022**
**£**
19,025
19,025
30,362
49,387
285
42,449
65
154
101
-
-
500
1,000
2,500
-
1,000
1,000
27,737
10,000
-
3,000
1,017
18,306
742
109,856
157
3,576
630
884
210
495
727
544
7,223
117,079
(4,037)
(4,037)
(63,655)|**2021**
**£**
47,027|
|---|---|---|
|||47,027|
|||28,729|
||||
|||75,756|
|||380
31,760
4,167
-
-
7,000
-
-
7,500
14,892
3,000
-
-
30,841
10,000
4,000
-
-
-|
|||113,540|
|||121
3,312
5,102
2,518
-
221
-
-|
|||11,274|
||||
|||124,814|
|||(70)|
|||(70)|
||||
|||(48,988)|
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