2023-03-31-accounts

DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

CHARITY REGISTRATION NUMBER: 1102238

RINA CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2023

DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

	PAGE
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Notes to the financial statements	6

DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Rina Charitable Trust Charity registration number 1102238 Principal office 1 Queens Gardens London NW4 2TR THE TRUSTEES Mr D Goldberg Mrs L K Goldberg Mrs S N J Lebrett

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was formed on the 7 October 2003 and became registered with the Charity Commission on the 20 February 2004. The charity is governed by its Trust Deed.

The day to day affairs of the charity are administered by the Board of Trustees.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.

OBJECTIVES AND ACTIVITIES

The objectives of the charity are the advancement and furtherance of the Jewish religion and Jewish religious education and the alleviation of poverty among the Jewish community throughout the world.

The charity makes donations to charitable organisations with similar objectives.

The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

During the year the charity was involved in philanthropic activities and has given support to Educational and Other Charitable Institutions in Great Britain. The aggregate of donations made during the period was £198,379.

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.

As at Balance Sheet date the charity had £1,368,059 unrestricted funds.

RISK MANAGEMENT

The Trustees have identified and reviewed the major risks to which the Company is exposed, in particular those related to the operations and finance of the Company, and are satisfied that systems are in place to manage those risks.

The trustees' annual report was approved on 8 January 2024 and signed on behalf of the board of trustees by:

Mr D Goldberg Trustee

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RINA CHARITABLE TRUST

YEAR ENDED 31 MARCH 2023

I report to the trustees on my examination of the financial statements of Rina Charitable Trust ('the charity') for the year ended 31 March 2023.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's 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 EXAMINER'S STATEMENT - MATTER OF CONCERN IDENTIFIED

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

The Charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW.

I confirm that no other matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

A HELLER, FCA

Independent Examiner Chartered accountant 5 North End Road London NW111 7RJ Independent Examiner

8 January 2024

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	255,768	255,768	314,461
Investment income	5	44,707	44,707	71,509
		──────────	──────────	──────────
Total income		300,475	300,475	385,970
		══════════	══════════	══════════
Expenditure
Expenditure on charitable activities	6,7	198,379	198,379	254,280
		──────────	──────────	──────────
Total expenditure		198,379	198,379	254,280
		══════════	══════════	══════════
Net gains/(losses) on investments	9	1,728	1,728	(12,638)
		──────────	──────────	──────────
Net income and net movement in funds		103,824	103,824	119,052
		══════════	══════════	══════════
Reconciliation of funds
Total funds brought forward		1,264,235	1,264,235	1,145,183
		─────────────	─────────────	─────────────
Total funds carried forward		1,368,059 ═════════════	1,368,059 ═════════════	1,264,235 ═════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 11 form part of these financial statements.

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

31 MARCH 2023

		2023		2022
	Note	£	£	£
FIXED ASSETS
Investments	11		827,349	928,618
CURRENT ASSETS
Debtors	12	233,335		106,000
Cash at bank and in hand		307,375		229,617
		──────────		──────────
		540,710		335,617
		──────────		──────────
NET CURRENT ASSETS			540,710	335,617
			─────────────	─────────────
TOTAL ASSETS LESS CURRENT LIABILITIES			1,368,059	1,264,235
			═════════════	═════════════
FUNDS OF THE CHARITY
Unrestricted funds			1,368,059	1,264,235
			─────────────	─────────────
Total charity funds	13		1,368,059	1,264,235
			═════════════	═════════════

These financial statements were approved by the board of trustees and authorised for issue on 8 January 2024, and are signed on behalf of the board by:

Mr D Goldberg Trustee

The notes on pages 6 to 11 form part of these financial statements.

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. 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 office is 1 Queens Gardens, London, NW4 2TR.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost 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, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.

Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement 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.

Tax reclaims on donations and gifts

Incoming resources from tax reclaims are included in the sofa at the same time as the gift to which they relate.

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 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, non-charitable 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.

Grants payable

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently 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.

Investment property

Investment Properties are included at Trustees' valuation as at the Balance sheet date. Any realised or unrealised gains or losses are taken to the statements of financial activities.

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
DONATIONS
Donations	255,768	255,768	314,461	314,461
	══════════	══════════	══════════	══════════

5. INVESTMENT INCOME

5.	INVESTMENT INCOME
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Income from investment properties	13,622	13,622	68,299	68,299
	Bank interest receivable	–	–	210	210
	Other interest receivable	31,085	31,085	3,000	3,000
		─────────	─────────	─────────	─────────
		44,707	44,707	71,509	71,509
		═════════	═════════	═════════	═════════
6.	EXPENDITURE ON CHARITABLE	ACTIVITIES	BY FUND TYPE
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Grants to institutions	198,379	198,379	254,280	254,280
		══════════	══════════	══════════	══════════

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Grant funding	Total funds	Total fund
	of activities	2023	2022
	£	£	£
Grants to institutions	198,379	198,379	254,280
	══════════	══════════	══════════

The Charity did not undertake any activity directly, but met its charitable purposes by making grants to institutions. Grants were made toward the alleviation of poverty, the advancement of education and the furtherance of the Jewish religion.

	education and the furtherance of the Jewish religion.
		2023
		£
	Amud Hatzdokoh Trust	15,327
	Rowanville Limited	15,000
	Entindale Limited	15,000
	Keren Ezra Mimtzika	15,000
	Yeshaya Adler Memorial Fund	10,000
	TS Trust	8,000
	Beis Aharon TT Activity Centre	7,000
	Beis Rochel D'Satmar Limited	6,000
	Gateshead Talmudical College	5,000
	North London Welfare and Educational Foundation	5,000
	Beth Medrash Lemoroth	5,000
	MGS Charitable Trust	4,200
	British Friends of Yeshivas Shaarei Chochmoh	4,000
	Ben Amram Charitable Trust	4,000
	Yad Vochessed Association Limited	4,000
	Shaarei Orah Limited	4,000
	The Friends of Yeshivas Brisk	4,000
	Chasdei Sholom	4,000
	Beis Kosov	4,000
	Further Grants	59,852
		──────────
	Total Grants Payable	198,379
		══════════
8.	ANALYSIS OF GRANTS
		2023	2022
		£	£
	GRANTS TO INSTITUTIONS
	Grants to institutions	198,379	254,280
		──────────	──────────
	Total grants	198,379	254,280
		══════════	══════════

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

9. NET GAINS/(LOSSES) ON INVESTMENTS

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Gains/(losses) on investment property	1,728	1,728	(12,638)	(12,638)
	═══════	═══════	═════════	═════════

10. TRUSTEE REMUNERATION AND EXPENSES

There was no remuneration paid to the trustees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.

11. INVESTMENTS

INVESTMENTS
		Investment
		properties
		£
Cost or valuation
At 1 April 2022		928,618
Additions		3,650
Fair value movements		62,048
Other movements		(166,967)
		──────────
At 31 March 2023		827,349
		══════════
Impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023		827,349
		══════════
At 31 March 2022		928,618
		══════════
All investments shown above are held at valuation.
DEBTORS
	2023	2022
	£	£
Other debtors	233,335	106,000
	══════════	══════════

12. DEBTORS

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DocuSign Envelope ID: 2A6BB97F-4388-4FAF-9A53-74DB60012B16

RINA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

13. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
		At			Gains and	At 31 March
	1	April 2022	Income	Expenditure	losses		2023
		£	£	£	£		£
General funds		1,264,235	300,475	(198,379)	1,728		1,368,059
		═════════════	══════════	══════════	═══════		═════════════
		At			Gains and		At 31 March
	1	April 2021	Income	Expenditure	losses		2022
		£	£	£	£		£
General funds		1,145,183	385,970	(254,280)	(12,638)		1,264,235
		═════════════	══════════	══════════	═════════		═════════════

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2023
	£	£
Investments	827,349	827,349
Current assets	540,710	540,710
	─────────────	─────────────
Net assets	1,368,059	1,368,059
	═════════════	═════════════
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	928,618	928,618
Current assets	335,617	335,617
	─────────────	─────────────
Net assets	1,264,235	1,264,235
	═════════════	═════════════

15. RELATED PARTIES

During the year, £84,600 was received from trustees or from companies whose directors are trustees of the charity.

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