REGISTERED COMPANY NUMBER: 05082663 (England and Wales) REGISTERED CHARITY NUMBER: 1105858
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
FOR
THE GK TRUST
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
THE GK TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Statement of Financial Position | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
THE GK TRUST (REGISTERED NUMBER: 05082663)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of 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 principal activities of the company are in the field of charity. The charity's objects are to make grants for such charitable purposes as the Trustees shall in their absolute discretion think fit, and in particular for the advancement of Jewish religious education, relief of poverty, distress and sickness in the Jewish Community of South Africa.
ACHIEVEMENT AND PERFORMANCE
The Trustees consider the performance of the Charity during the year very satisfactory.
FINANCIAL REVIEW
Reserves policy
The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations, the trustees review this position on a regular basis.
In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs.
Having regard to the above the Trustees are of the opinion that the cash reserves held as at the year end
would be sufficient to meet three months basic operating costs and, they intend to increase the reserves held in the forthcoming year.
The statement of financial activities show a net deficit for the year of £11,398 (2022 : Deficit of £15,194) the net reserves as at the year end was £20,305 (2022 : £8,907)
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. The trustees have considered the effect of the COVID-19 outbreak that has been spreading throughout the world in early 2020 on the Charity's activities. The assessment related to disruption that might be caused to the Charity's operations. At the date of approval of these financial statements, the trustees have assessed the extent and quantum of the disruption which remains uncertain at this time. The trustees have prepared cash flow forecasts and profit projections which demonstrate the charity can continue as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
All directors of the company are Trustees of the charity, and there are no other Trustees. All Trustees named on the information sheet served throughout the year. The Board has the power to appoint additional Trustees as it considers fit to do so.
Related parties
G Kuper, a trustee, is a related party as he has made voluntary contributions to the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05082663 (England and Wales)
Page 1
THE GK TRUST (REGISTERED NUMBER: 05082663)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
Registered Charity number
1105858
Registered office
923 Finchley Road Golders Green London NW11 7PE
Trustees
G Kuper Director E A Morris Director
Company Secretary
Rotherwick Directors Limited
PUBLIC BENEFIT
The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.
The trustees continue to operate within the confines of the charity objectives namely in the respect of the advancement of Orthodox Jewish education, relief of poverty, distress and sickness in the Jewish Community of South Africa.
The trustees provide grants to a variety of charitable educational establishments encompassing assistance with staffing and curriculum. The trustees have also identified institutions which as a result of the economic downturn are experiencing a reduction in their fee income and have provided assistance to them in this respect as well.
Where the trustees make grants to institutions, they stipulate how these monies should be spent and constantly monitor the effectiveness of the allocation of the resources extended through the grant funding.
The trustees are of the opinion that this latter method of funding combines both objectives of the charity such that through the grants to the institution, students who are partly able or unable to pay their fees, are also assisted.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ G Kuper - Trustee
Page 2
THE GK TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 49,672 EXPENDITURE ON Charitable activities 2 Advancement of Jewish Education and relief of poverty and sickness 37,232 Accountancy 780 Admin costs 262 Total 38,274 NET INCOME/(EXPENDITURE) 11,398 RECONCILIATION OF FUNDS Total funds brought forward 8,907 TOTAL FUNDS CARRIED FORWARD 20,305 |
2022 Total funds £ 15,163 29,304 1,200 (147) 30,357 (15,194) 24,101 8,907 |
|---|---|
The notes form part of these financial statements
Page 3
THE GK TRUST (REGISTERED NUMBER: 05082663)
STATEMENT OF FINANCIAL POSITION 31ST MARCH 2023
| 2023 Unrestricted fund Notes £ CURRENT ASSETS Debtors 6 19,403 Cash at bank 1,722 21,125 CREDITORS Amounts falling due within one year 7 (820) NET CURRENT ASSETS 20,305 TOTAL ASSETS LESS CURRENT LIABILITIES 20,305 NET ASSETS/(LIABILITIES) 20,305 FUNDS 8 Unrestricted funds 20,305 TOTAL FUNDS 20,305 |
2022 Total funds £ 9,469 458 9,927 (1,020) 8,907 8,907 8,907 8,907 8,907 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. G Kuper - Trustee
The notes form part of these financial statements
Page 4
THE GK TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5
THE GK TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2. CHARITABLE ACTIVITIES COSTS
| Advancement of Jewish Education and relief of poverty and sickness Accountancy Admin costs SUPPORT COSTS Management £ Accountancy - Admin costs 240 240 |
Support Direct costs (see Costs note 3) £ £ 37,232 - - 780 - 262 37,232 1,042 Governance Finance costs £ £ - 780 22 - 22 780 |
Totals £ 37,232 780 262 |
Totals £ 37,232 780 262 |
|---|---|---|---|
| 38,274 | |||
| Totals £ 780 262 |
|||
| 1,042 |
3. SUPPORT COSTS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Page 6
THE GK TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 15,163 | |||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Advancement of Jewish Education and relief | ||||
| of poverty and sickness | 29,304 | |||
| Accountancy | 1,200 | |||
| Admin costs | (147) | |||
| Total | 30,357 | |||
| NET INCOME/(EXPENDITURE) | (15,194) | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 24,101 | |||
| TOTAL FUNDS CARRIED FORWARD | 8,907 | |||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Other debtors | 19,403 | 9,469 | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Accrued expenses | 820 | 1,020 | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At | 1/4/22 | in funds | 31/3/23 | |
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 8,907 | 11,398 | 20,305 | |
| TOTAL FUNDS | 8,907 | 11,398 | 20,305 |
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THE GK TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 49,672 (38,274) 11,398 49,672 (38,274) 11,398 |
Incoming Resources Movement resources expended in funds £ £ £ 49,672 (38,274) 11,398 49,672 (38,274) 11,398 |
|---|---|---|
| 11,398 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/4/21 in funds £ £ 24,101 (15,194) 24,101 (15,194) |
At 31/3/22 £ 8,907 |
|---|---|---|
| 8,907 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 15,163 (30,357) (15,194 15,163 (30,357) (15,194 |
Incoming Resources Movement resources expended in funds £ £ £ 15,163 (30,357) (15,194 15,163 (30,357) (15,194 |
|---|---|---|
| (15,194 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/4/21 in funds £ £ 24,101 (3,796) 24,101 (3,796) |
At 31/3/23 £ 20,305 |
|---|---|---|
| 20,305 |
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THE GK TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 64,835 (68,631) (3,796) 64,835 (68,631) (3,796) |
|---|---|
9. RELATED PARTY DISCLOSURES
G Kuper, A Trustee and related party has made donations to the Charity during the year.
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