CHARITY REGISTRATION NUMBER: 1102215 The Warshaw Family Charitable Trust Unaudited Financial Statements 31 December 2024
The Warshaw Family Charitable Trust Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities 14 Statement of financial position Notes to the financial statements 8-13
The Warshaw Family Charitable Trust Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name Charity registration number The Warshaw Family Charitable Trust 1102215 Principal office 804 Pavilion Apartments St Jones WOCMJ Road London NW8 7HF The trustees Mr Michael Warshaw Mrs Marion Warshaw Mr Simon Warshaw Mr Mark Warshaw Independent examiner Raymond WaMer5 FCCA R Walters & Co Chartered Certified Accountants Suite A 4 - 6 Canfield Place London England NW6 3BT
The Warshaw Family Charitable Trust Trustees. Annual Report (continued) Year ended 31 December 2024 The trustees present their annual report and financial statements for the year ended 31 December 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 Gharitvs Deed of Trust. the Charities Act 2011 and 'Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)". Objectives and activities The objects of the trust are to apply any of its money and assets to advan any charitable purpose. as defined fnjm b.me to time by the law of England and Wales. as the trustee5 may in their discretion determine. In Planning our activities for the year we kept in mind the Charity Commission guidance on public benefit at our trustees meetings. The trustees have paid due regard to guidance issued by the Charity Commission In dldIng what activities the charity should undertake.
The Warshaw Family Charitable Trust Trustees. Annual Report (continued) Year ended 31 December 2024 Financial review The financial results for the year are shown on pages 6 and 7 of the accounts. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintsined at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure thal. in the event of a significant drop In funding. they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Reserve Fund represents the unrestricted fijnds accumulated to date and also represents the free reserves of the trust. Tho trustoes have asseased the major risk to which the Gharily is ¥AVUb. iri Vclrtiuuldr thobe related to the operations and finances of the trust. and are satisfied that systems are in place to mitigate the exposure to major risks. The trustees will continue to rnake donations to various Gharitable and voluntary organisations of all stzes in accordano with the Trust objeGtives. Structure. governance and management The trust was established by a Deed of Trust declared on 5th January 2004. The tiustees who have Served during the year and since the year end are set out on page 1. Trustees are appointed by the board of trustees and hold office subject to the provisions Gontsined in the Deed of Trust. Mr Michael Warshaw Mrs Marion Warshaw Mr Mark Warshaw Mr Simon Warshaw The trustees are responsible for the overall management policy of the fijnd and for the development of fund raising and appropriab'on of benefits. The trustees report was approved by the Board of trustees on ........ Mr Michael Warshaw Trustee
The Warshaw Family Charitable Trust Independent Examinerfs Report to the Trustees of The Warshaw Family Charitable Trust Year ended 31 December 2024 report to the trustees on my examination of the. financial statements of The Warshaw Family Charitable Trust (Yhe charity) for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the finanGial statements in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the charivs financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinevs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me CAuse trth hp.lipvp that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements conceming 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 fairf view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Raymond Walters FCCA (Indp.pp.nrt@nt Examiner) For and on behalf of R Walters & Co Chartered Certified Accountants Suite A 4- 6 Canfield Place London England NW6 3BT
The Warshaw Family Charitable Trust Statement of Financial Activities Year ended 31 December 2024 2024 2023 Total funds Total funds Income and endowments Donations and legacies Investment income 52,500 24,296 70.000 26.775 Total income 76.796 96,775 Expenditure Expenditure on raising funds- Costs of raising donations and legacies Total expenditure 50,757 72.628 50,757 72,628 Net 94qill51(105ses) on Investments (70,685) (49.289) Net movement in funds (44.646) (25,142) Reconciliation of funds Total funds brought forntard Total funds carried forward 498,110 523.252 453.464 498.110 The statement of financial activitie5 includes all gains and losses rec(MJnised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 15 form part of these financial statements.
The Warshaw Family Charitable Trust Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Investments 10 432.580 488.542 Current assets Debtors Cash at bank and in hand 11 10.000 12,864 10,000 4,976 14 22,864 14.976 Creditors: amounts falling due within one year Net current assets 12 1.980 5.408 20.884 9.568 Total assets less current liabilities Net assets 453.464 453,464 498.110 498,110 Funds of the charity Unrestricted funds 453.464 498.110 Total charity funds 13 453.464 498.110 These fi ial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by= Mr Michael Warshaw Trustee The notes on pages 7 to 15 fomi part of these financial sLitements.
io The Warshaw Family Charitable Trust Notes to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal Offi is 804 Pavillion Apartments. St John's Wood Road, London. NW8 7HF. Statement of compliance These financial statements have been prepared in Complian with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Ststement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {Charities SORP (FRS 102)) and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical o)sl basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. vthich is the functional currency of the entity. Going concern There are no material uncertainties about the charitys ability to continue. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitmenL Restricted funds are subjected to restrictions on their expenditure declared by the donor or Ihrough the temis of an appeal. and fall into one of two sub-classes: restricted income fvnds or endowment funds.
The Warshaw Family Charitable Trust Notes to the Financial Statements (continued) Year ended 31 December 2024 Accounting policies (eontsnued) Incoming resources All incoming resources are induded in the statement of financial activities when entit]ement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to mgasura roliably, in which case thc valuc i- dcrivcd from thc co- -t to thc donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are induded for the contribution of general volunteers. income from contracts for the supply of serVIS is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restrtcted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is dassrfied under heading5 of the statement of financial activities to which it relates= expenditure on raising funds inGludes the costs of all fundraising activities, events, non- charitable trading activities. and the sale of donated goods. expenditure on charitsble activities indudes all costs incurred by 8 charity in undertakino activities that further its charitable aims for the benefft of its beneficiaries, including those support costs and costs relating to the govemance 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 resour. 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. Investments Unlisted equity investments are initially recorded at o)st, and subseqLJently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
12 The Warshaw Family Charitable Trust Notes to the Financial Statements (contsnved) Year ended 31 December 2024 Accounting policies (continuedj Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordan wilh the fair value model are initially recorded at the transaction price. At each reporbng date. the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other dislributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly ¢ontrolled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entrties accounted for in accordan with the fair value model are initially recorded at the transaction pri. At each reporting date. the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of impaimient is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where Ihe carrying value exceeds the recoverable amouiil. Ili¥ cisset IS itnpaired accordlngly. Prtor Impalmients are also revlewecl for possible reversal at each reporting date. For the purposes of impainnent testing. when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assels that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated lo each of the cash-generaling units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units.
The Warshaw Family Charitable Trust Notes to the Financial Statements (rontinued) Year ended 31 December 2024 Accounting policies (continuedj Finance leases and hire purchase contracts Assets held under finance leases and hire purchase contrads are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is detemined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finan tharges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated io each period so as to produce a constsnt rate of interest on the remaining balance of the liability. Financial instruments A financial assÈt nr a finanual liability is recognised only when the charity becomos a party to tho contractual provisions of the instrumerrt. Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or r1Ved and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investrnent is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al other suth investrnents are subsequently measured at cost less impainnent. Other finanGial instruments, including derivatives. are initially recognised at fair value. unless payment for an asset is deferred beyond nomial business tenns or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are sUbseqUenY measured at fair value. with any changes recognised in the statement of finanaal actNities. with the exptIOn of hedging instnJments in a designated hedgin9 relationship. Financial assets that are measured at cost or amortised cost are rewewed for objective evidence of impairment at the end of each reporting date. If there is objeclive eviden of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk tharaderistiG5. Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds vthat the carying amount would have been had the impairment not previously been recognised.
14 The Warshaw Family Charitsble Trust Notes to the Financial Statements (continugd) Year ended 31 December 2024 Donations and legacies Total Funds Total Funds 2024 2023 Donations Donations and legacies 52.500 70,000 Investment income Total Funds Total Funds 2024 2023 Investments 24.296 26.775 Costs of raising donations and legacies Total Funds Total Funds 2024 2023 Donations Vestra charges Accountancy fee 45,469 3,308 1.980 66,160 2.078 4.390 Costs of raising donations and legacies 50.757 72.628 Net gainsl(losses) on investments Total Funds Total Funds 2024 2023 Revaluation of investments Gainsl{losses) on sale of investments 18.804 (89,489) (70,685) 42,805 (92,0941 (49.289) Staff costs The average head count of employees during the year was Nil (2023.. Nil). No employee received employee benefits of more than £60.000 during the year (2023". Nil). Trustee remuneration and expenses None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 14
15 The Warshaw Family Charitable Trust Notes to the Financial Statements (¢ontlnu8dJ Year ended 31 December 2024 10. Investments Listed Other investrnents investments Total Cost or valuation At 1 January 2024 Net of additionsl(disposals) Other movements 485.567 (74.766) 18.804 2,975 488.542 At 31 December 2024 429,605 2,975 432.580 Carrying amount At 31 December 2024 At 31 December 2023 429.605 485,567 2,975 2.975 432.580 488542 All investments shown above are held at valuation. 11. Debtors 2024 2023 Trade debtors 10,000 10,000 12. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1.980 5.408 13. Analysis of charitable funds Unrestricted funds At 1 January 20 24 At Gains and 31 December losses 2024 General funds 498.110 (44646) 453464 At Gains and31 December losses 2023 1 January 20 23 General funds 523.252 (25.142) 498,110