Charity registration number 1097052 INVESTREAM CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL2024
INVESTREAM CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trust•es M Morris G S Morris Charity number 1097052 Principal address 1 Portland Place London W1B1PN Independent examiner Mark Bailey 5th Floor 3 Dorset Rise London EC4Y 8EN Bankers Royal Bank of Scotland plc 62 - 63 Threadneedle Street London EC2R 8LA Metro Bank One Southampton Row London WC1B SHA
INVESTREAM CHARITABLE TRUST CONTENTS Page Truslees, report Independent examiner's report Statement of financial activities statement of financial position Notes to the financial statements 7-15
INVESTREAM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their annual report and financial statements for the year ended 30 April 2024. 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 Trust's Deed dated 17 January 2003. the Charities Act 2011 and 'Accounting and Reporting by Charities= Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). Objectlves and actlvitles The Trust's objectives are to assist charitable causes In the advancement of education, the relief of povety and infirmity and such other purposes beneficial to the community as are considered by English law to be charitable. The Trustees have unreslricted power to apply Trusl fvnds towards these charitable objectives. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. The Trust's primary source of income derives from donations made by Mark Morris. a Trustee. and related entities. The Charity is not actively engaged in fund raislng nor does il solicit donations. The funds are maintsined al levels which the Trustees consider appropriate in order maintsin liquidity within the Trust, to cover costs of management and administration and to satisty a distribution policy consistent with the Trust's overall charitable objectives. The Trustees follow a policy of making charitable donations only after they are satisfied that the Trust has adequate resources to meet its commitrnents. As at 30 April 2024 there were no future commitments with regards to the funds held. The Trustees have adopted a policy of making regular donations to charitsble causes, having regard to Ihe level of the Trust's annual income and surplus funds available. They regularly appraise new opportunities for direct charitable expenditure and from time to time make substantial donations to support special or capital projects. During the year the Trust made donations to qualifying organisations amounting in aggregate to £979,39812023'. £762,650). At the end of the prior year, the Trust had a loan outstanding from Redbourne Avenue LLP for £500, 000. During the curient year, the Tnjst disposed of its investment in this entity. gifting the loan and other MbershiP interests to another UK regislered charity. We Hub Building. Achievements and performance The Trust utilised ftjnds received in previous years and the current year to continue lo meet its charitable objectives in the current year. During 2022, the Trust purchased a property which will be provided to persons in need. witt) rent free accommodation, therein advancing the Trusys charitable objectives. The property was purchased in February 2022 for £418,367 and any costs associated in the upkeep of the property will be borne by the Trust or its benefactors. During the year, one of the Trustees met property upk&p costs as a personal donation of £12,350. During the year, the Trust's accountancy fees were paid by an entity under common control.
INVESTREAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Financial revlew The results for the year are set out in the Statement of Financial Activities for the year on page 5. During the year the Trust had total incoming resources of £329,70912023- £822,399), comprising rnainly of donations received. Whilst holding unrestricted powers, the Trustees, policy towards investment is designed to maMise security of capital al a time of low interest rates and yields. Consequently. surplus resources have been invested in interest- bearing accounts that do not expose the Trust's capital to significant market risk, To date the Trustees have followed a policy of making frequent distributions and they therefore consider it appropriale for surplus funds to be invested into readily realisable deposits. After taking account of direct charitable expenditure amounting to £994,233 (2023: £786,398). including support and governance costs of £14.835 (2023.. £23,748), there was a deficit of incoming reSoUrS over resources expended of £664,524 (2023.. £36.001 surplus). The Statement of Financial Position on page 6 shows the financial position of the Trust as at 30 April 2024. At that date there was a net asset surplus of £564,001 {2023'. £1.228,525). The unrestricted fund is applied towards the Trust's charitable objeclives and in order to meet the modest operating costs of the Trust. In accordance with the Trust Deed the endowment fund is expendable at the discretion of the Trustees, that is the capital can be expended when the Trustees so decide. although it is the usual policy of the Trustees lo make awards from the unrestricted funds only. The nel assets of the Trust amounted to £564,011. which are represented by the balance on the unr&8tricted funds of £564,001 and endowment funds of£10. Thè net assets of the Trust's unrestricted fund are held to further enhance the Trust's charitable objeclives. It is the Trust's policy to retain free reserves sufficient to cover ils granl making commitments for a period of 12 months from the balance sheet date. The Trustees consider that the total closing unrestricted funds of £564,011 are adequate to meet such commilrnents. Rlsk statement The Trustees regularly review the major risks that the Tnjst faGes and believe that maintaining Ihe reserves at appropriate levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Trustees have also examined the operational and business risks which the Charity faces and consider that the Charity's inlemal control systems are appropriate, given the size and nature of the operations, to mitigate the significant risks. The Trustees take greal care to research potential benefactors before grants are made. Regarding projects of a capital nature monitoring is undertaken to ensure that the grants made by the Trust achieve their objeclives. Plans for the future The Trustees believe that grants made to various charilies in the year will go some way towards the advancement of educalion, the relief of poverty and infirmity and such other purposes beneficial to the community. It is anticipated that continued support from the Trusteas and entities related thereto will enable the Trust to maintsin its level of charitable giving in the foreseeable future. The Truslees intend. for the foreseeable future, to continue their policy of distributing income within a short period of time from its receipt rather than accumulating reserves for future projects. Struclure, governance and management The Trust was estsblished by a charitable trust deed on 17 January 2003. The Charity was registered with the Charity Commission on 15 April 2003. On Ihat dale Investream Limited settled £10 as the initial sum to establish the Trust. The Trust's day to day activities are administered by the Trustees, as the Trust employs no staff. The Trustees, who receive no remuneration or benefits for their services, are solely responsible for the consideration and authorisation of the charitable donations made by the Trust.
INVESTREAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 The Trustees who served durtng the year were.. M Morris G S Morris The Trustees are responslble for the appointment of further Trustees. The Trustees, report was approved by the Board of Trustees. M Morris Trustee Dated.. 24121.2025
INVESTREAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INVESTREAM CHARITABLE TRUST I report to the Trustees on my exarnination of the financial statements of Investream Charitable Trust (the Trust) for the year ended 30 April 2024. Respon51bilities and basis of report As Ihe Trustees of the Trust you are responsible for the preparation of the finan¢ial statements in accordan with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examination of the Twsl's financial statemenls carried out under sect¢on 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. Ind8pend8nt axaminar's statement Since the Trust's gross income exceeded £250,000 your examiner must be 8 member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake Ihe examinatlon becaus8 l am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordan wtth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to theAccounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understsnd that this has been done in order for financial ststements to provide a true and fair view in accordance with Generally Accepted Accounting Pralee effective for reporting peric>ds beginning on or after 1 January 2015. I have compleled 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: accounting records were not kept in respect of the Trust as required by section 130 of the 2011 AGI-, or the financial statements do not accord with those records- or the financial slatements do not comply with the applicable requirements concerning the form and content of accounts sel oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirernenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no COnmS 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 understsnding of the financial statements to be reached. Mark Bailey FCA CTA 5th Floor 3 Dorset Rise London EC4Y 8EN 241212025
INVESTREAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2024 Unrestricted Endowment funds funds 2024 2024 Total Total 2024 2023 Notes Donations Activities in furtherance of the Charity's activttses Investments 327,250 327,250 818,666 3,109 624 2,459 2,459 Total incomg 329,709 329,709 822,399 enditure o Charitable aclivities 994,233 994,233 786,398 Net (expenditure}Ilncome for the yearl Net movement In funds {664,524} (664,5241 36,001 Fund balanS at 1 May 2023 1,228,525 10 1,228,535 1.192,534 Fund balances at 30 April 2024 564,001 10 564,011 1.228,535 The siatement of financial activrbes includes all gains and losses recognised in the year. The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivities.
INVESTREAM CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION ASAT 30APRIL 2024 2024 2023 Notes Fixed assets Heritage assets Investment property Investments 12 11 13 26,000 35,300 421,639 26,000 35,300 421,739 482,939 483,039 Current assets Debtors falling due after one year Cash at bank and in hand 15 500,000 247,996 83,572 83,572 2,500 747,996 2,500 Current liabilities 16 Net current assets 81,072 745,496 Total assets less current liabilities 564,011 1,228,535 The funds of the Trust Endowment funds Unrestricted funds 17 10 564.001 10 1,228,525 564,011 1,228.535 24/212025 The financial statements were approved by the Trustees on .............. . Il(AYL Iltskyis M Morris Trustee
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 AGGountlng pollcie5 Charlty information Investream Charitable Trust 15 a registered. unincorporated charity. 1.1 Accounting convention The financial staternents have been prepared in accordance with the Trusfs [governin9 dcKument], the Charilies Act 2011, FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland" ("FRS 102"> and the Charities SORP 'AcGounling 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 Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities nol to prepare a Statement of Cash Flows. The financial slatements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in pound sterling, which is the funclional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest pound sterling. The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Truslees continue to adopt the going wncern basis of accounting in preparing the financial statem8nts. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of the Trusys charitable objeclives unless the funds have been designated for other purposes. Endowment funds are subject to specific conditlons by donors that the capital must be maintained by the Trust. 1.4 Incoming resources Income is recognised when the Trust is legally entitled to it after any performan conditions have been met. the amounts can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policios (Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefit to a third party. il 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 classified by aclivty. The costs of each activity are made up of the total of direct cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocAted directly lo that activity. Shared cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to Ihe category. 1.6 Inveslment properties Investment property, which is propefty held to eam rental income andlor for capital appreciation, is initially recngnised at cost. which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.7 Heritage assets Heritage assets are initially measured at transaction price excluding transaction costs. They are considered to have an indefinite useful economic life, and as such are not depreciated, but rather are reviewed at each reporting date for evidence of impairment. If any impaimient is recognised, this will be included within net incomel(expenditure) during the year. 1.8 Non-current investments Unlisted investment5 are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. Programme related investments are investments which are held at cost for the furthèrance of the Trust's objectives. 1.9 Cash and cash equivalents Cash and cash equivalents include cash In hand and deposits held at call with banks. 1.10 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balan sheet when the Trust becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. wilh the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and seltle the liability simultaneously.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies (Continued) Basic financial assets Basic financial assets, which indude other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets lasslfied as receivable within one year are not amortised. Baslc financial liabilities Basic financial liabilities, including other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where thé debt instrument is eaSured at the present value of the future receipts discounted at a market rate of interest. Financial liabilith.es classified as payable within one year are nol amortised. Debt instruments are subsequently carried at amortised c05t. using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the Trust's contractual obligation5 expire or are discharged or cancelled. 1.11 Forelgn exchange Monetary assets and liabilities denominated in foreign currencies are translated into pound steding at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at ltte rate ruling at the date of Ihe transaction. All differences are taken to Ihe Statement of Financial Activities. 1.12 Governance costs Governance costs comprise of bank charges and accountancy fees. 1.13 Social investments Social investments are initially measured at transaction price including Iransaclion costs. Social investments arise when the Trust provides financial support in the form of interest free loans to other entities in order to further the Trust's charitable aims. The expectation is that the loans will be repaid. The Trustees review the loans annually and if there 15 a risk of non-payment. an impairment provision is made. Critical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assels and liabilities that are not readily apparent from other sources. The estimates and associated assumption5 are based on hislorical experience and other factors that are considered to be relevant. Actual results m8y differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ClY that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Trust recognises its investment properties at fair value. These properties have been hekl at cost but mpared to on an open value at 30 April 2024 by the Trustees. The Trustees believe Ihat the cost was malerially equivalent to the open market value at the balance sheet date.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Income from charitable activities Unrostricted funds 2024 Unrestricted funds 2023 Charitable rental income 3,109 Donatlons Unrestrlcted Unrestricted funds funds 2024 2023 Donations and gifts Donated services 312.500 14,750 795.000 23.666 Investments Unrestricted funds 2024 Total 2023 Inlerest receivable 2,459 624 10-
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Grants payable Education Medlcal Community and Elderfy care Total 2024 Total 2023 Grants to instilutions: Other 878.798 66,000 234.600 979,398 762,650 All grants payable were made to charitable institutions. Of these, grants totalling more than £30,000 of charitable expendf(ure were made to We Hub Building 1£500.1001. Achisomoch Aid Company Limited (£135,000), Moreshet Halorah (£83,100), Chana Charity (£66,000), The Belz Foundation (£39,000). All other grants totalled £156.198. Trustees None of the Trustees (or any person5 wnnected with thern) reiVed any remuneration or benefits from the Trust during the year. Support and governance costs 2024 2023 Support costs 12,350 21.866 Independent examination fees Bank charges 2,400 85 1.800 82 14,835 23,748 Analysed as Charitable activibes 14,835 23.748 10 Employees There were no employees during the year. 12-
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 11 Investment property 2024 Fair value At 1 May 2023 and 30 April 2024 35,300 The investment property represents a 50/0 holding in a commercial property in Hamilton. Lanarkshire. At the year end, the Trustees have delermined the fair value of the investment to be equal to its original acquisition cost. 12 Heritage assets Heritage asset At 1 May 2023 and at 30 April 2024 26.000 The Trust has purchased Sefer Torahs to fvrther its charitable objeclives. The first was purchased in the year ended 30 April 2018 for a cost of £11.250. and the secor)d was purchased in the year ended 30 April 2020 for £14.750. 13 Flxed asset Investments Unlisted Programme investments related investments Total Cost or valuatlon At 1 May 2023 Disposals (note 15} 100 (100) 421.639 421.739 (100} At 30 April 2024 421.639 421.639 Carrying amount At 30 April 2024 421.639 421,639 At 30 April 2023 100 421.639 421,739 14 Financial instruments 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at cost less irnpairrnent 500,000 421,739 421,639 Carrying amount of financial liabilitlas Measured at amortised cost 2,500 2.500 13-
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 15 Trade and other receivables 2024 2023 Amounts falling due after more than one year: Other retsivables 500,000 At 30 April 2023, debtors due after more than one year comprised a loan of £500,000. During the year, the Trust gifted all its interests in Redbourne Avenue LLP. including the above loan, to anolher UK registered charity, We Hub Building. 16 Current liabilitios 2024 2023 Other payables Accruals and deferred income 100 2.400 100 2.400 2,500 2.500 17 Endowment funds Endowment funds represent assets which must be held pemianently by the Trust. Income arising on the endowment fvnd5 can be used in accordance with the objects of the Trust and is included as unreslricled income. Any capital gains or losses arising on the assets form part of the fund. At 1 May 2023 At 30 April 2024 Permanent endowments 10 10 Previous year: At 1 May 2022 At 30 April 2023 Permanent endowments 10 10 14-
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 18 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants 1¢h are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside OLrt of unreslricted funds by the trustees for specific purposes. At 1 May 2023 Incoming resources Resources expended At 30 April 2024 General fvnds 1,228,525 329,709 (994,233) 564,001 Prevlous year: At 1 May 2022 Incoming resources Resources expended At 30 April 2023 General funds 1,192,524 822.399 (786.398) 1.228.525 19 Analysls of net assets between funds Unrestrided Endowment funds funds 2024 2024 Total 2024 Fund balances at 30 April 2024 are represented by,. Heritage assets Investment properties Investments Current assetsl{liabilities) 26,000 35.300 421.639 81,062 26.000 35,300 421.639 81.072 10 564,001 10 564,011 The Trust was settled with £10 as the intial sum to establish the Trust. 20 Related party transactions Remuneration of key management personnel No key management personnel were remunerated during the year. Transactions with related parties During the year, the trust received donations totalling £250,000 (2023: £500.000} from Mark Morris. who is a trustee. The trust received a further £Nil from entities under common ntrol (2023.. £170,000). At 30 April 2023, the Trust was owed £500,000 by an entity in which the Trust has a membership interest. During the year, the Trust disposed of its investment in this entity, gifting the loan and other membership interests lo another UK registered charity, We Hub Building. 15-