ChaTlty r8glstration number 1095541 THE PARK CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 THE PARK CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr D HarllrnelbLJrger Mr E Pine Mr J Huglin Charity number 1095541 Prlncipal addre55 151 Floor Rico House George Street Prestwich Manchesler M25 9WS Independent examlner Lopian Gros5 Barnett & Go 1st Floor, Cloisler House Riverside New Bailey Street Manchester M3 5FS THE PARK CHARITABLE TRUST CONTENTS Page Tru5tees' report Independent examiner's report Sla18ment of financial activities Balance sheet Note5 to the financial statements 6-10 THE PARK CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Iruslees present theiT annual report and financial statements for the year ended 31 March 2023. The financial slalemEnts have bèen prepared in accordance wilh the accounting policies set out in note 1 to the financial statsmenls and compSy with the charltys governing document, the Charlties Act 2011 an¢J "Accounting and Reporting by Charilios". Statement of Recommended Practico applicable lo charities preparing their accounts In a¢cordance with th8 Financial Reporting S18ndard applicable in the UK and Republlo of Ireland {FRS 102}. (effective 1 January 20191. Objectives and actlvlties The charities objectives is to make donalions lo charilie5 SUPPOrting the advancement ol ihe Jewish faith and Jewish Education. The charily 0150 aim5 to help people In the Jewish community who are suffering in povety Dr receiving Irealmenl lor cancel and heart conditions. Public benefit The Irustees have paid due regard to guidanTr issued by the Charity CoThmission in deciding what aGtivities the charity should undertake. Activities All of the activities that are undertaken by the charity are for the advancement of the objectives that are outlined lully above. Volunteers With the exception of the time given by the trustee5, the charity did not require the use of volunteers during the year. Achièvements and performance SignifiGanl activities and achievements against objeGlives The princlp81 activity of the charity during the year was to support edU￿tIonaL needs and fight agalnst poverty as well as organisations promoling the Jewlsh faith in the United Kingdom.The charity has conlinue(I lo disiribule funds lo other charities during the year. Remaining cash reserves arè available for future distributions. The Trustees are pleased wilh the investment performance and with the level of donations given to worthy causes. Financlal review The trustees, investment powers are governed by the charity's ArtIGles of Association which permit the trustees to invest the charity's funds a5 they see fil. The trustees are experienced property Investors and have invested in propety in order lo generate funds for di5tribulion Investments are chosen on the basis of achieving a yield In excess of that available from cash deposits while maintaining security ol income. The charity's funds lor distribution are derived from donation5 received and investment income. The nel total IncoTne was £43,666 The ¢h8rity distributed £357.200 to various charities for the advancement of religion in accordance with the orthodox Jewish faith and for the relief of poverty which resulled in an overall decre35e in res&rve5 01 £386,677. Resefrves ptrlicy It 15 the policy of the charity Ihal donation commitments should only be made when funds are av8ilable or likely lo become available In the near future. The charity maintains a reasonable level of reserves for if at any b'me in the future a donation opportunity may ar15e. Major risks The trustees have assessed the major risks to which the charity Is exposed, and are satisfied that systems are in place to mitigate exp05vre to the maiar risks. THE PARK CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure. governance and rnanagement The charity was established and registered on 4 July 2002. The tru51ee5 who served during the ye8r and up tn th8 date of signatur8 of the financial statements were. Mr D Harnm81burger MrE Pine Mr J Huglin Rccruilmont anLI appoinlmenl of Iru5fees Olhcr n7allers The IrLJ81 deed provides for an unlimited number of trustee%. The trustees may plecl new members lo the board and renew meTMbership on an annu&l basis. None of Ihe ITU5tees has any beneficial interest In the Trust. The Iruslees, report was approved by the Board of Trustees. Mr D H3Mmelburger Trustee Date. 2210312024 THE PARK CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARK CHARITABLE TRUST I repart lo the Iruslees on rny examination ol the financial statements of The Park Chariiahle Trust Ithe charity) for the year erided 31 March 2023. Responsibillli05 and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirernents of Ihe Charities Act 2011 Ithe 2011 Actl. I report In respect of my examinallon of the chartty's flnancial statements carrl8d out under section 145 of the 2011 Act. In carrying out ffly exaTninalion I have follo￿d all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act Ind•pendent examinerfs 5tatemenl Your atiention Is drawn lo the fact that the charfty has prepared financial statements in awjrdance with Accounting and Reporting by Charities prepann9 Iheir acctwnls in arr￿rdaNCe with Ihe Financial Reporting Standard applicable In the UK and Republic uf Ireland IFRS 1021 In preference to the Accounting and Reporting by Charilies Stalernent of Recornmenoeo practlce 155uetJ on fj April 2005 which 13 rclcrred to in the OXtaTrt ragulation£ but hag r*OW been withdrawn l unrjerstand that thi5 has been done in order for financial statements lo promde a true and fair view in accordance with Generally Accepled Accounting Practice effective for reporting periods beginning on or after 1 J3nuary 2015. I have completed my examination I confim Ihal no matters have come lo my attention in connection with the examination giving me cause lo believe that In any m81eri31 respect.. accounting records were not kept in respecl of the charity a$ required by section 130 of the 2011 Aci- or the financial slalements do not accord with those records, or the financial staletnenls do not comply with the applicable requiremenis concerning the foitn and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 othèr than any rèquirement that the 8ccounts give a true and fair view which is not a matter c4Jnsidered as part ol an Independent examination. I have no Goncern5 and have come across no other matters in connpction with the examination to which attention should be drawn in thi5 report in order to Endble a prDper understanding of the financial sldtewnenls lu be reached. Jason Selig IBA ACA CTA DChAI Lopian Gro$$ Barnett & Co 1st Floor, Cloister House Riverside New Bailey Slreet Manchester M3 5FS Dated. 2210312024 THE PARK CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds 2023 Unrestricted fund5 2022 Noto$ Income from- Investments 43,666 27,193 Expenditure on: Charitable activities 433,043 19.436 Net Incomellexpèndltur&l and movement In fund5 1389,3771 7,757 Reconciliatlon of funds.. Fund balances al 1 April 2022 1,417.818 1,410,061 Fund balance5 at 31 March 2023 1,028,441 1,417,818 The statement of financial activities includes a51 gains and losses recognised in the year. ￿1 income and expenditure derive from continuing activities. THE PARK CHARITABLE TRUST BALANCE SHEET ASAT 31 MARCH 2023 2023 2022 Notes Fixed assets Joint property investments 118,617 137,337 Current assets Cash at bank and in hand 1,048.018 1,492.404 Credltors: amounts falling due within one year 138,194 211,923 Net current assets 909,824 1,280,481 Total asset5 lÈss current liabilitios 1,028.441 1.417,818 The funds of the charity Unreslrided funds 1.028,441 1,417,818 1,028,441 1,417,818 The financial statements were approved by the trustees on 2210312024 Mr D Hammelburger Trustee THE PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Charity informatlon The Park Charitable Trust is 8 registered chafily in England and Wales. The charity's head office is 1 st Floor Rico House, George Slreel, Preslwich, Manchester, M25 9WS. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity'5 Igoverning documenll. the Charities Acl 2011. FRS 102 "The Financial Reporting Standard applicable In the UK and Republic of Ireland I'FRS 102,1 and the Charities SORP Accounting and Reporting by Charities: Statement ol Recommended Practice applicable lo charities prcparing their accounts in dccordanGe with the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021" leffeclive 1 January 20191. The charity is a Publi¢ Benefit Entity as defined by FRS 102. The chaiily has taken advantage of the provisions in the SORP lor charilies not lo prepare a Slatement of Cash Flow5. The financ*al 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 Ihe Statement of Recommended Practice for charities applying FRS 102 ralhef than the version of the Statement ol Recommended Pro¢1ice which is referred to ln the Regulations but which has Sin￿ been withdrawn. The financial stalerments are prepared in sierling, which is the lunolional 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 Iieehold properties and to include investment PToperties and certain financial instrument5 al fair valLJe. The principal accounting policies adopted are set out belDW. 1.2 Going concem At the time of approving the financial statements. the trustees have a reasonable expectation thal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for Ljse at the discretion of the trustees in furtherance ol their chanlable objectives. Restricted funds are subject to Specific condllions by donors or grantors as lo how they may be used The purposes and usès ol Ihe restricted funds are s8t out in the notes lo the financial statements Endowment funds are subject lo specific conditions by donors that Ihe capital musi be maintained by Ihe charity. 1.4 Income Income is recognised when the charity is legally entitled to li after any performance condition5 hav£ been met, the arnounts can be measured reliably, and it is probab18 thal income will bè received. Cash donations are recognised on receipt. Other donations are recognised once the charity h35 been notified ol the donation, unless perforrnallce conditions require deferral ol the amount Income lax recoverable in relation lo donations received under Gift Aid or deed5 of covenant Is recognised at the lime ol the donalS0n. Legacies are Tecognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount Is known, and receipt Is expected. 11 the amount is not known, the legacy is Irealed as a contingent assgt. THE PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Icontinuedl 1.5 Expenditure Expcndiluie is recognised on¢e there is a legal or conslructive obligation lo transfer economic benefit to 8 third party, il is probable th81 a transfer of economic benefils will be required in seltlement. and the amount ol the obligation can be measured reliably. Expenditure is classified by activity The costs of each activity are made up of the total ol direct ¢osts and shared costs, including support Costs Involved In undertsking each activity. Direct costs attribulable 10 3 single activity are allocated directly to that activity. Shared costs which conlribLJte lo more than one activity and support costs which are not attribulable lo a single activity are apportioned between those actlvi118s on a basis conslstent with the use of resources. Central staff costs are allocaled on th8 basis of tsme spent. and depreciation charge5 are allocated on the portion of Ihe asset's use. 1.6 Fixed asset investments Fixed asset inve51ments a￿ Initially me8sured at transaction price excluding transaction cost5, and a subsequently measured at fair value at each reporting date. Changes In fair value are recognised in nel Incornellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposlts held al call with banks, other short-lerrn liquid Investmenls with original maturities ol three months or les5. and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al Iransaclion price Including transaction costs and are subsequenlly carried al amortised cost Using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value ol the future receipts discounted at a market rate of interest. Financial asseis classified as receivable within one year 8re not amortised. Basic financial liabilities Basic financial liabilities, Including creditors and bank loans are initially recognised at transaction price unle55 the arrangement constitutes a financing transaclion, where the debt Instrument is measured at the present value ol the fLJture payments discoLJnled at a markel rate of Interest. Financial liabilities classified a5 payable within one year are not amortlsed. Debt instruments are subsequently carried at amortised cost, using the effective Interest rate method. Trade creditors are Dbligations lo pay lor goods or Services that have been acquired in the ordinary course of operations from suppliers. Amounts payable arè classified as current liabilities il payment is due within one year or less If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequcntly measured al amortised cost using the effective interest mgthod. Derecognitlon of financial Ilabilitie5 Financial Iiabilities are derecognised when the charity's contractual obligations expire or are disGharged or Cancelled. 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Terrnination benefils are recognised immediately as an expense when Ihe charity 15 demonstrably committed to terminate the employment of an employee or to provide termination benefits. THE PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crltical accountlng e5tlmat•s and ludgernent5 n the application of the charity s accounting policies. the trustees ar8 réquired to make judgements, èstimates and assumptions about the carrying amoLJnt of assets and liabilities that are not readily apparent Irorn other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relev3nt. Actual results may differ from these estimates. The estimates and underlying 855umplions are reviewed on an ongoing basis Revisions to accounting estimate5 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 Ihe revision affects both currenl and future periods. Income from investments Unrestricted Unrestricted fund5 funds 2023 2022 Rental income Interest receivablE 28,047 15,619 26,339 854 43,666 27.193 Expendlture on charitable activitles Charitablè expense 2023 Charltable expense 2022 DireGt costs Grant funding of 8¢tivities (see note 51 357,200 Governane• costs Governance 75,843 19,436 433,043 19,436 Analysis by fund Unrestricted funds 433,043 19,436 THE PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payable Charitablè expense 2023 Granls lo inslilulions121 granlsl.. British FrienLls ot Yeshivas Shaarei Chochrna Trust Brilish Friends ol Mercaz Halorah Jewish Fulur8s Trust Ltd Tchabe Kollel Ltd Project Seed Limited Tomchei Shabbos Special Spirits Achisomach aid company limited Other grants to inslitu150ns not exceeding £10,000 41,500 41,500 80,000 35,000 36.000 1 Y,000 10,000 33,QOO 61,200 357,200 Trustees None of the trustees lor any persons connected with Iheml received any remuneration, benefits Of reimbursed expenses from the charity during the year. Employees There were no eTnployees during the year 2023 Number 2022 Number Total Taxatlon The charity is ex8mpt Irorn taxation on its activities because 811 its income is applied for charitable purposes. THE PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crèditors.. amounts falllng due withln one year 2023 2022 Other creditors AccrLJals and deferred income 135,494 2.700 135.494 76,429 138,194 211.923 10 Unr•strlcted funds The unrestricted funds of the charity comprise Ihe unexpen¢Jeo balances of donatlDn5 and grants whiGh are not subjed to specific conditions by donors and grantors as to how they may be used. At 1 April 2022 Incoming r•sources Rèsources At 31 March expended 2023 G8neral funds 1,417,818 43,666 1433,0431 1.028.441 Prévlaus year.. At 1 April 2021 Incomlng resources Resources At 31 March expgnded 2022 General funds 1,410,061 27,193 119,4361 1,417,818 11 Related party transactions There were no disclosable relaled party transactions dunng the year.