Charity registration number 1094524
THE TIKVAH TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE
THE TIKVAH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr D J Kellard Mrs J A Kellard Mr N A May Ms B M Turner Mr S G 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 - 16 |
THE TIKVAH TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 November 2023.
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 £23,850 (2022: £19,025). This along with funds held from previous years has entitled the charity to make gifts to institutions and other parties in the year totalling £133,345 (2022: £46,737), furthering the objectives of the charity.
The Trustees are delighted that the momentum building in recent years has continued and developed further throughout this year; in fact, one of our fullest and most active year to date.
The year started with a bang on the 1[st] December with our funding of Life Bridging works , our long- time partner in East Africa, for their Medical Mission project, providing pre and ante natal care for hundreds of the poorest girls and women in rural South Sudan.
Meanwhile at Tikvah Inc. in Palawan, final touches were being made to the Tilapia ponds for our fish-duck-rice integration. By February 2023 we had our first batch of fingerlings which have become our breeding stock. Since then, we have successfully grown successive crops of rice “fertigated” by nutrient rich water flowing from the fishponds into the rice paddies. A spin-off from the Tilapia, has been our using their innards and scales for a Fish Amino Acid (FAA) foliar spray which has double purpose as a nutrient and a pest deterrent.
As mooted last year, we began our ‘intern programme’ also in December, when we welcomed an 18- year-old trafficking victim who had been released from the city children’s centre on reaching adulthood but had no place to go. In June a second intern was welcomed, a young man, also 18 in similar circumstances, being a ‘foundling’ with no known family. Both have thrived and remain with Tikvah Trust working part-time and being trained in agriculture as they complete their high-school studies.
In December, our Field Officer was contacted by the Director of Love146, a Safe Home for trafficked children based in Luzon, Philippines, for assistance with developing their mini-farm. In February, a small team from Tikvah Inc. visited to teach on ‘Creation Farming’, vermiculture, rabbit cultivation and home-growing animal feeds. The team provided a full consultancy for the farm with a two-year plan for implementation. Three further visits from Tikvah Inc. personnel were undertaken in April, July and September, completing raised vegetable beds, guava plantation, a deep-litter piggery and vermi-composter. Serendipitously, the house we invested in the previous year, was refurbished ready to-rent by May, and the Trust has committed the first two years’ income (£24,000) specifically for the Love146 “City Farm” which we see as a model for replication elsewhere.
In March we were delighted to welcome Tikvah Trustee, Bethany Turner, who herself runs an agricultural-therapy agency in Hampshire, UK, to Palawan to strengthen the bonds between the UK and Philippine operations. It was an excellent visit, Bethany tirelessly observing and advising on activities at the Farm, at the Badjao Village and Youth custody facility (our two local Fields of community service) as well as making an impromptu visit to Love146 en route home.
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THE TIKVAH TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
Whilst speaking of personnel we wish to record a note of thanks to Steven Kellard, who stepped down from the Board late 2022 after seven years’ service, Steven bridged the gap at an important time as the Trust extended its operation and brought in other younger Trustees to complement the senior, founding Trustees.
Likewise, a note of thanks for our new administrator (from October 2022), Caroline Smith, whose sterling service has exponentially increased our capacity home and beyond, not least in the immense work concerned with diversifying and improving our investments in property, thus enabling us to generate more funds for our charitable work.
Returning to charitable activities, we were able, thanks both to Trust funds and to special assigned donations, transform the Badjao village by replacing rotten ‘death-trap’ walkways, with robust wide, secure stilted pathways. It was a huge and challenging task, working above a toxic, polluted mangrove marsh, emitting noxious fumes in the tropical heat. The work began in February and continued for four months. During this time, we also resumed our fortnightly visit to run children’s groups in the Village.
With the significant increase in Field activities, we have strengthened the Philippines operation with the addition of an Operations Director, to work alongside the Administration / Finance Director and Development Director. Each has a deputy and each of the 12-15 permanent staff has a specific responsibility (poultry, rice, piggery, goats, vegetable garden, fruit trees, mushroom, fish and so on). It is often a three-steps-forward, two-steps-back battle with tropical weather and unreliable electricity and water, but the Tikvah Team has done well, despite further flooding this year, and we have seen steady improvements in infrastructure on the farm, including irrigation channels which double as drains to ameliorate flood-risk, a new large vermi-composter and sizable deep-litter piggery. We have also relocated a number of vulnerable activities, including the mushroom house, to the higher land above the flood-line.
In August we were delighted to host a ‘ Partners' Day’, the first of its kind, where we invited field representatives from Empathy International and Life Bridging Works, two of our longest standing partners, to share with the Trustees and close supporters about their work, and our partnership with them, in South-East Asia and East Africa respectively. It proved an enlightening day and the opportunity to listen and then ask questions of the partners enables us to partner more effectively with them.
September marked another step forward for the Trust as we sent our first international team from the Philippines to conduct training in Thailand and Laos. Six team members, including UK Trustees Bethany Turner and Duncan Kellard, conducted reciprocal training with our Laos partner (UK Charity, Empathy International). The training for mainly hill-tribe students including Hmong tribe-people was well received and for the Filipinos on the team, it proved a great introduction to cross-cultural work.
November 30[th] marked the end of this year, which ended as it began with a significant grant to partners, this time to be hand-carried to Israel to provide aid to the families and communities devastated by the October 7[th] terrorist outrage. A trusted long-term partner, courageously entering conflict zones to appropriate these much-needed funds.
In closing, it has been an honour to work with five different partner agencies (as listed on page 17) as we seek to serve the poor, oppressed and persecuted throughout the world, and reach out with the love of the Lord Jesus Christ and the Good News which brings both spiritual and physical transformation.
Financial review
During the year the charity incurred a deficit on the unrestricted funds of £164,221 (2022: £44,943) however due to loan notes received during 2015 the general unrestricted funds totalled £5,432,122 (2022: £5,596,343) at the balance sheet date.
The restricted funds show net expenditure of £2,088 (2022: £18,712) 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.
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THE TIKVAH TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 The prineipal risks fawl by the Trust lie in operational rssks from ineffective grant making and the capauty of the Trust to make effective grants. The charity is committed lo continuing to provide supwt lo charitable instilutions. works of the tenets of the Christian faj'th or that help promde relief for the poor and needy. in the United Kingdom and overseas. Additional funding has been secured for the coming years in tem5 of the receipt by the charity of £3.999.995 of Loan Notes during 2015. It is hoped that the correcl inveslment of these funds and tts associated income vill help further the Teach of the charity's activities. Structurei governance and management The chirity is governed by a tharitable Trust Deed made by P Kdlard. J A Kdlard and D J Kellard on 18 March 2002 amended by deeds dated 30 Decemter 2017 and 10 June 2021. The Iruslees Ytho served during the year and up to the date of Signature of the finanual statements were. Mr D J Kellard Mrs J A Kellard MrNAMay Mr S A Kellard Ms B M Tumer Mr S G Dwling (Resigned 8 October 2023) New Trustees are recruited and appointed at the discretion of the existing Trustees of the charity. s, reptht was approved by the Board of Trustees MrNAMay Trustee Dated.. 21 August 2024
THE TIKVAH TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TIKVAH TRUST I report lo the trustees on my examinalron of the financial statements of The Tikvah Trust {the charity) for the year ended 30 November 2023. Responsibilities and basis of report As the Iwstees of the charity you are responsible for the preparab.on of the financial 51atemenls In accordan with the reqiiiremenls of the Chantses Act 2011 Ilhe 2011 Acti. I report In respect of my examination of the thanty'5 financial slalemenls carned out under sedion 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act Independent examinerfs statement I have completed my examination I confirrn that no matters have come to my attentson in conneclitYI W11h the examination giving me cause to believe that In any malenal respect". accounting records were nol kept in respect of the chanty as required ty section 130 of the 2011 Act,. or the financial slalements do not accord wth those records", or the financial statements do not comply with Ihe applicable requirements Conrning the form and conlenl of accounts set out in the Chanlies (Accounts and Rerx)rtsl Regulations 2008 other than any requirement that the accounts give a true and faif wew which is not a matter considered as part of an independent examination. I have no concerns and have corne across no other matters in connects.on with the examination lo which attention should be drawn in this report In order lo enable a proper understanding of the finanoal slalemenls to be reached Harri50ns Chartere Accountant5 4 Brackley Clo¥e Boumemouth InlematH)nal Airport Chri51church Dorsel BH23 6SE Dated.. 22 August 2024
THE TIKVAH TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 - 23,850 Charitable activities 4 8,282 - Investments 5 14,705 - Total income 22,987 23,850 Charitable activities 6 184,748 25,938 Net expenditure (161,761) (2,088) Other recognised gains and losses: Other gains/(losses) 11 (2,460) - Net movement in funds (164,221) (2,088) Reconciliation of funds: Fund balances at 1 December 2022 5,596,343 2,088 Fund balances at 30 November 2023 5,432,122 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 23,850 - 19,025 8,282 - - 14,705 30,362 - 46,837 30,362 19,025 210,686 79,342 37,737 (163,849) (48,980) (18,712) (2,460) 4,037 - (166,309) (44,943) (18,712) 5,598,431 5,641,286 20,800 5,432,122 5,596,343 2,088 |
Total 2022 £ 19,025 - 30,362 49,387 117,079 (67,692) 4,037 (63,655) 5,662,086 5,598,431 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE TIKVAH TRUST BALANCE SHEET AS AT 30 NOVEMBER 2023 2023 2022 Flxed assets Tangible assets Investment property 12 13 166,610 319,214 166,572 319,214 485.824 485,786 Current assets Debtors Cash al bank 8fKI in hand 14 128.912 4.821.490 40.343 5,076,965 4,950,402 5.117.308 Crèditors: amounts falllng due wSthln one year 15 4,104 4.663 Net current assets 4,946,298 5,112,645 Total assets less current liabilities 5.432.122 5,598.431 The funds of the charlty Restricted income funds Unreslricied fvnds 16 2.088 5,596.343 5.432.122 5,432.122 5,598,431 ncial stslements wtre approved by the trustees on 21 Awust 2024 MrNAMay Trustee
THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
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 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.
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.
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
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 Fixtures and fittings 4 years straight line 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.
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
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 Income from donations and legacies
| Restricted | Restricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 23,850 | 19,025 | |
| 4 | Income from charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Charitable rental income | 8,282 | - | |
| 5 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 14,705 | 30,362 |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
6 Charitable activities
| Grant funding charitable activities Investment property expenditure 2023 2023 £ £ Depreciation and impairment 214 124 Direct charitable expenditure 44,660 - Tikvah Farm Project costs 231 - Supporters meeting costs - - Summit travel expenses - - Thai-Laos training trip 5,839 - Insurance - 436 Repairs and maintenance - 12,436 Rates, light and water - 1,798 Property admin charges - 748 Property management charge - 993 50,944 16,535 Grant funding of activities (see note 7) 133,345 - Share of governance costs (see note 8) 9,862 - 194,151 16,535 Analysis by fund Unrestricted funds 168,213 16,535 Restricted funds 25,938 - 194,151 16,535 |
Total 2023 Grant funding charitable activities Investment property expenditure 2022 2022 £ £ £ 338 285 - 44,660 42,449 - 231 65 - - 154 - - 101 - 5,839 - - 436 - 1,017 12,436 - 18,306 1,798 - 743 748 - - 993 - - 67,479 43,054 20,066 133,345 46,736 - 9,862 7,223 - 210,686 97,013 20,066 184,748 59,276 20,066 25,938 37,737 - 210,686 97,013 20,066 |
Total 2022 £ 285 42,449 65 154 101 - 1,017 18,306 743 - - |
|---|---|---|
| 63,120 46,736 7,223 |
||
| 117,079 | ||
| 79,342 37,737 |
||
| 117,079 |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
7 Grants payable
| Grant | Grant | |
|---|---|---|
| funding | funding | |
| charitable | charitable | |
| activities | activities | |
| 2023 | 2022 | |
| £ | £ | |
| Support of Charitable Institutions | 133,345 | 46,736 |
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.
8 Support costs
| Support & | Support & | |
|---|---|---|
| Governance | Governance | |
| costs | costs | |
| 2023 | 2022 | |
| £ | £ | |
| Legal and professional | 9,862 | 7,223 |
| 9,862 | 7,223 | |
| Analysed between | ||
| Charitable activities | 9,862 | 7,223 |
Governance costs includes independent examination fees of £4,238 (2022- £3,576).
9 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.
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
11 Other gains or losses
| 11 | Other gains or losses | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | |||||
| funds | funds | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Foreign exchange losses / (gains) | 2,460 | (4,037) | ||||
| 12 | Tangible fixed assets | |||||
| Freehold land | Fixtures and | Equipment | Motor | Total | ||
| and buildings | fittings | vehicles | ||||
| £ | £ | £ | £ | £ | ||
| Cost | ||||||
| At 1 December 2022 | 165,103 | - | 2,955 | 4,800 | 172,858 | |
| Additions | - | 494 | 100 | - | 594 | |
| At 30 November 2023 | 165,103 | 494 | 3,055 | 4,800 | 173,452 | |
| Depreciation and impairment | ||||||
| At 1 December 2022 | - | - | 2,340 | 3,946 | 6,286 | |
| Depreciation charged in the year | - | 124 | 218 | 214 | 556 | |
| At 30 November 2023 | - | 124 | 2,558 | 4,160 | 6,842 | |
| Carrying amount | ||||||
| At 30 November 2023 | 165,103 | 370 | 497 | 640 | 166,610 | |
| At 30 November 2022 | 165,103 | - | 615 | 854 | 166,572 |
The freehold land and buildings were purchased in the name of Tikvah Inc and are held in trust for the charity.
13 Investment property
| Investment property | |
|---|---|
| 2023 | |
| £ | |
| Fair value | |
| At 1 December 2022 and 30 November 2023 | 319,214 |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
| 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income Amounts falling due after more than one year: Other debtors Total debtors 15 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 449 28,463 28,912 2023 £ 100,000 128,912 2023 £ 671 3,433 4,104 |
2022 £ 15 40,328 |
|---|---|---|
| 40,343 | ||
| 2022 £ - |
||
| 40,343 | ||
| 2022 £ 666 3,997 |
||
| 4,663 |
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Balance at 1 December 2022 r £ Tikvah Inc Fund 2,088 2,088 |
Movement in funds Incoming esources Resources expended £ £ 23,850 (25,938) 23,850 (25,938) |
Transfers Balance at 30 November 2023 £ £ - - - - |
Transfers Balance at 30 November 2023 £ £ - - - - |
|---|---|---|---|
| - |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
16 Restricted funds
| Restricted funds | (Continued) | ||||
|---|---|---|---|---|---|
| Movement in funds | |||||
| Balance at | Incoming | Resources | Transfers | Balance at | |
| 1 December | resources | expended | 1 December | ||
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| KNA Fund | 20,800 | - | (10,000) | (10,800) | - |
| Tikvah Inc Fund | - | 19,025 | (27,737) | 10,800 | 2,088 |
The KNA fund was 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.
17 Unrestricted funds
The unrestricted funds of the charity comprise 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 1 | Incoming | Resources | Gains and | At 30 | |
|---|---|---|---|---|---|
| December | resources | expended | losses | November | |
| 2022 | 2023 | ||||
| £ | £ | £ | £ | £ | |
| General funds | 5,596,343 | 22,987 | (184,748) | (2,460) | 5,432,122 |
| Previous year: | At 1 | Incoming | Resources | Gains and | At 30 |
| December | resources | expended | losses | November | |
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| General funds | 5,641,286 | 30,362 | (79,342) | 4,037 | 5,596,343 |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
| 18 Analysis of net assets between funds Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 30 November 2023 are represented by: Tangible assets 166,610 - Investment properties 319,214 - Current assets/(liabilities) 4,946,298 - 5,432,122 - |
Total Unrestricted funds 2023 2022 £ £ 166,610 166,572 319,214 319,214 4,946,298 5,117,870 5,432,122 5,603,656 |
Restricted funds 2022 £ - - (5,225) (5,225) |
Total 2022 £ 166,572 319,214 5,112,645 |
|---|---|---|---|
| 5,598,431 |
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THE TIKVAH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023
19 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 16 above. During the year expenditure of £7,668 (2022: £7,648) of this £7,245 relates to travel expenses with £422 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 and Laos. Mr D J Kellard was also paid £30,713 (2022: £28,350) in relation to consultancy services provided outside of his normal trustee duties.
Mr S G 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 16 above. During the year expenditure of £Nil (2022: £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 £Nil (2022: £10,000).
During the year donations totalling £23,350 (2022: £19,025) were received from donors for Tikvah Inc. The total of grants paid to Tikvah Inc. by The Tikvah Trust was £104,695 (2022: £27,737).
Mr S A Kellard was a Trustee of the charity throughout the previous year and until resignation on 8th October 2023. In this time he was paid £9 (2022: £159) in respect of subsistence and other direct charitable costs.
Mrs J A Kellard was a Trustee of the charity throughout the current and previous year. During the year she was paid £Nil (2022: £2,452) in respect of travel costs.
Ms B M Turner was a Trustee of the charity throughout the current and previous year. During the year she was paid £3,608 (2022: £Nil) in respect of travel costs.
The aggregate total of donations received from trustees with no specific conditions during the year was £8,730 (2022: £8,060).
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