VUknUOIyiI ¢iI¥FiLJV¥ IL4. Cui i¥-E£r COMPANY REGISTRATION NUMBER: 04263029 CHARrrY REGISTRATION NUMBER: 1106673 LTC Trust Co Company Limited by Guarantee Unaudited Financial Statements 31 August 2024
uuknu>iyri ciivvivyv iu. CDI 1*1 i uL1ruCr40a LTC Trust Co Company Limited by Guarantee Financial Statements Year ended 31 August 2024 Page Trustees, annual report (incoo)orating the directorfs report) Independent exarniner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the fmancial statements Detailed statement of financial activities 15 Notes to the detailed statement of financial activities 16
UknUP•lyII CIIVflVVV IV. EDI knQP I i-¥1 i C-O¥ULtyUL*rvacrL4W¥O LTC Trust Co Company Limited by Guarantee Trnstees, Annual Report (Incorporating the Director, s Report) Year ended 31 August 2024 The trnstees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024. Reference and administrative details Registered charity name Charity registration number 1106673 Company registration nurnber 04263029 Principal office 8 Durweston Street London WIH IEW LTC Trust Co Registered office 8 Durweston Road London WIH IEW The trustees Mr M Weiss Dr D B Landau Independent examiner Dov Harris FCA New Burlington House 1075 Finchley Road LONDON NWII OPU
uknuJiyii Giivrivyr IU. CDI LDD i<i-E£r 11 i LTC Trust Co Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢oN¢iBued) Year ended 31 August 2024 Structure? governance and management Governing document The official name of the Charity is LTC Trust Co. The charity is a company limited by guarantee and as such is governed by its Memorandum and Articles of Association. Appointment, Training and Recruitment of Trustees All current trustees are company members and no honorary members have been appointed. The trnstees administer the day-to-day affairs of the charity. Every trustee holds office until helshe shall die or shall cease to hold office by virtue of Article 56 of the Articles of Association. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recrnitment training and induction procedures. None of the trustees have any beneficial interest in the charity. Risk management The trustees have identified and reviewed the major risks to which the charity is expose(L in particular those related to the operations and finance of the charity, and are satisfied that systems aTe in place to mitigate those risks. Financial risk management and policies The charity holds or issues financial instruments in order to achieve two main objectives being: a) to finance its operations b) to generating fLmds. addition various financial instniments (e.g. other debtors, other creditors, accruals and prepayments) arise directly from the charity's operations. Credit risk The charity monitors credit risk closely and considers that its current policies of CTedit risk checks meets its objectives of managing exposure to credit risk Amounts shown in the balance sheet represent the maximum credit exposure in the event other parties fail to perforni their obligations under the financial instruments. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
uuknu)iyiI CIIVUUVV IU. CDI i4QP I y-r 11 i C-OVUUThuknruocrL*W¥ LTC Trust Co Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 August 2024 Objectives and activities The objectives for which the charity is established the advancement of the Jewish religion and the advancement of education in particular (but without prejudice to the generality of the foTegoing) by: (a) establishing or assisting in the establishment of and maintenance and operation of a college for the education and training of rabbis, ministers, readers, teachers and other Talmudic scholars" and (b) to assist such rabbis and students who are in need by providing accommodation, maintenance grants, books and such other relief as the trustees think fit. The trustees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitls aim and objectives and in planning future activities and setting the grant making policy. This principal activity of the charity during the year was the provision of scholarships and grants to its students and the maintenance and operation of a college for the education and training of rabbis, ministers, readers, teachers and other Talmudic scholars. In doing so, the charity has complied with its duty to act for public benefit in accordance with section 4 of the Charities Act 2006. Acbievements and performance The demands on the charity's funds were in line with expectation for the year under review and the trustees expect the demands to remain at a similar level in future years. Financial review The charity is solely dependent upon donations from the community and other charitable organisations. The charity spent £346,250 in the year (2023: £355,539) towards its charitable purposes. Reserves Policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the expected income, the future comniitments of the charity and the likely governance costs of the charAty for the next year. The negative funds at the year end have been funded by long time supporters of the charity, who have agreed to fund the activities of the charity for another year. Investment Powers, Policy and Objectives In accordance with the trust deed, the trustees have the power to make any investment which the trustees see fit. The tnistees regularly review the chatity's position and needs in respect of the investment policy. Plans for future periods The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
Vuknualyll EIIVVIVV¥ ILI. CDI knDC¥ I 1*1 LTC Trust Co Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢onliRued) Year ended 31 August 2024 The trustees, annual report was approved on 17 February 2025 and signed on behalf of the board of trustees by: Do¢uSlgned tsy- 28A04775C932437._ Dr D B Landau Trustee
yvw¥iyii ciiv¢ivyv Iv. LDD l ¥vcLr i i i LTC Trust Co Company Limited by Guarantee Independent Examlner's Report to the Trustees of L TC Trust Co Year ended 31 August 2024 I report to the trustees on my examination of the financial statements of LTC Trnst Co (Ihe charity,) for the Ye ended 31 August 2024. Responsibilities and basis of Teport As the tnistees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity, s accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,(KJO your examiner must be a member of a body listed in section 145 of the 2011 Act. I confinn 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. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records weTe not kept in respect of the charity as required by section 386 of the 2006 Act: or 2. the financial statements do not accord with those records: or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a and fair, view which is not a matter considered as part of an independent examination: or 4. the financial statements have not been prepared in accord8mce with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns 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 understanding of the account to be reached. Dov Harris FCA Independent Examiner New Burlington House 1075 Finchley Road LONDON NWII OPU 17 February 2025
vvwbiyri cii¥¢iuyv Iu. Coi 1*1 i LTC Trust Co Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 August 2024 2024 Unrestricted funds Total funds Total funds 2023 Noie Income and endomqnents Donations and legacies Total incorne 390,376 390,376 390,376 382,134 382,134 390,376 Expenditure Expenditure on charitable activities Total expenditure 349,370 349,370 349,370 358,659 358,659 349,370 Net income and net movement in funds 41,(K)6 41,006 23,475 Reconciliation of funds Total funds brought forward Total funds carried forward (2,218) 38,788 (2,218) 38,788 (25.693) (2,218) 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 8 to 13 form part of these financial statements.
LJUWOlylI ETiveiuy¢ ILI. CC>l L•OD l ¥wc£f 1*1 i LTC Tt Co Company Limited by Guarantee Statement of Financial Position 31 August 2024 2024 2023 Note Current assets Cash at bank and in hand 41,9)8 25,903 Creditors: amounts falling due within one year Net current assets 12 3,120 28,121 38,788 38,788 38,788 (2,218) (2,218) (2,218) Total assets less current liabilities Net assets Funds of the charity Unrestricted funds 38,788 38,788 (2,218) (2,218) Total charity funds 13 For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These fmancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were appmved by the board of trustees and authorised for issue on 17 February 2025, and are signed on behalf of the board by: Doouslgned by: 2aA04775C0324J7... Dr D B Landau Trustee The notes on pages 8 10 13 form part of these financial statements.
L4VWOly¢I ciivrluve IU. CDI L4DD l il-E£f I G-pyvLrtILruacrK•OQ LTC Trust Co Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8 Dunveston Road, London, WIH IEW. Statement of compliance These financial statements have been preped in compliance Thith FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Treland,, the StatemeDt 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 Companies Act 2006. 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. The current deficit has been funded by the loan creditors who have agreed to continue funding the charity for a further year and have agreed not to request payment within the next twelve months. Disclosure exemptions The entity satisfies the criteria of being a small entity as defmed in FRS 102. As such, advantage has been taken of the disclosure exemptions that no cash flow statement has been presented for the company. Judgements and key sources of estimation uncertainty There are no judgements, estimates and assumptions that affect the amounts reported. Taxation The charity is not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. The charity is not registered for value added tax (VAT) and is therefore unable to reclaim any input it suffers on its purchases. Expenditure in the financial statements is therefore shown inclusive of VAT where appropriate.
LJVknUblyII GIIVFIVVC IU. CDI 1*1 I C•D¥LILI-VLrrvaErk4gQ40 LTC Trust Co Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accounting policies (eoBitrnued) Fund accounting Unrestricted funds aTe available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unTestiicted funds earnwrked by the trustees for particular future project or conmiitment. Restricted funds are sllbjected to restrictions on their expenditure declared by the donor or through the ternis of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are 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. 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 measure reliably, in which case the value is derived from the cost to the donor or the estimated Tesale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual reqll1rennt for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
L4VWtsiyii ciivvivyv iv. 1*1 i LTC Trust Co Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accounting policies (conlinuffd) Resources expended Expenditure is recolSed 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 aIR 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. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activAties. All costs are allocated to expenditure categories reflecting the use of the resource. 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. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 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. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less 1mpairnnt. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nornial business tern or financed at a rate of interest that is not a market Tate, in which case the asset is measured at the present value of the future payments discounted at a market Tate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes reCOlSed in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. io-
vvknutyiyii ciiv¥ivy¥ iv. IXLr 11 I C•D¥ULtrULruacrL*O LTC Trwt Co Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accounting policies (conlinued) Financial instruments (Conlillued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impainnent at the end of each reporting date. If there is objective evidence of impairnient, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was reCOlSed. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairnient. Other financial assets are either assessed individually or grouped on the basis of similar credit risk chardcteristics. Any reversals of impairnjent are recognised immediately, to the extent that the reversal does not result in a CaIng amount of the financial asset that exceeds what the carrying amount would have been had the impairnlent not previously been recognised. Limited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to an amount not exceeding £10. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 390,376 390,376 382,134 382,134 Expenditure on charitable activities by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations made Support costs 346.250 3,120 346,250 3,120 355,539 3,120 355,539 3,120 349,370 349,370 358,659 358,659 Expenditure on charitable activities by actiVAty type Grant funding of activities Support costs Total funds 2024 Total fund 2023 Donations made Governance costs 346,250 346,250 3,120 355,539 3,120 3,120 346,250 3,120 349,370 358,659 -11.
uvwoiyii ciivriUV¥ ILt. Col I &-pUULPvrucrL*O LTC Tt Co Company Limited by Guarantee Notes to the Financial Statements fconllnued) Year ended 31 August 2024 Support costs Support costs Total 2024 Total 2023 Governance costs 3,120 3,120 3,120 Analysis of grants 2024 2023 Grants to institutions Maintenance and Operation of College of Education Grants to individuals Provision of scholarship and grants to students and training of Rabbis, etc Total grants 108,(X)O 88,839 238,250 346,250 266,700 355,539 10. Independent examination fees 202A 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 3,120 3,120 11. Trustee remuneration and expenses The charity has no staff other than the 2 tDJstees, all of whom give freely of their time and expertise without any forn] of remuneration or other benefit in cash or kind (2023: £nil). 12. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 3,120 3,120 25,(K)I 3,120 28,121 12-
LTC Trust Co Company Limited by Guarantee Notes to the Financial Statements (¢t>nltnued) Year ended 31 August 2024 13. Analysis of charitable funds Unrestricted funds At I September 2023 At 31 August 20 Income Expenditure General funds (2,218) 390,376 (349,370) 38,788 At I September 2022 At 31 August 20 23 Income Expenditure General funds (25,693) 382,134 (358,659) (2,218) 14. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Current assets Creditors less than l year Net assets 41,908 (3,120) 38,788 41,908 (3,120) 38,788 Unrestricted Total Funds Funds 2023 Current assets Creditors less than l year Net assets 25,3 (28,121) (2,218) 25,903 (28,121) (2,218) 13-
UknltYll CllVVlVV¥ IW. CDI KDD IwcLr t1 ff LTC Trust Co Company Limited by Guarantee Management Inforniation Year ended 31 August 2024 The following pages do not forni part of the fmancial statements. 14-
VUknv>iyri Girvvuyr ILJ. CDI LC•C• i ¥wc£f 11 i EwD¥LIUwVL4ruJcrK•OJ¥ LTC Trust Co Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 August 2024 2024 21r23 Income and endowments Donations and legacies Donations 390,376 382,134 Total income 390,376 382,134 Expenditure Expenditure on charitable activities Rent Legal and professional fees Grants paid 108,000 3,120 238,250 349,370 88,839 3,120 266,700 358,659 Total expenditure 349,370 358,659 Net income 41,(X)6 23,475 15-
U>iyiI CiIV¥iUV¥ ILI. COI Iv-c£r 1*1 i LTC Trust Co Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 August 2024 202A 2023 Expenditure on charitable activities Donation5 made Grnntfvnding activities Grant charitable activity- rent Grant charitable activity - grants paid 108,0(X) 238,250 88,839 266,700 346,250 355,539 Governance costs Governance costs - accountancy fees 3,120 3,120 Expenditure on charitable activities 349,370 358,659 -16-