Draft Financial Statements at 06 January 2025 at 17:05:00
Charity registration number 1136996
THE KAUFMAN CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr.L.I. Kaufman Mrs P. Kaufman Mr S Kaufman Charity number 1136996 Principal address 100 Princes Park Avenue London NW11 0JX Independent examiner Michael Weissbraun (FCA) Weissbraun Emanuel 220 The Vale London NW11 8SR Bankers Lloyds TSB Bank Plc 182 High Street Walthamstow E17 7JH
Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the the trust's governing document, the Charities Act 2011 and “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 2015)”
Objectives and activities
The bjects and activities are;
1) to publish religious literature and learned works of all kinds in furtherance of the objects of the charity as set out above, to establish and support or aid to the establishment and support of any charitable association or institution, turst or fund, and to subscribe or guarantee money for any charitable purpose which the charity shall consider calculated to promote its objects of any of them.
2) to borrow and raise money in such manner as may be considered expedient, and to issue debentures, debentures stock and other securities, and for the purpose of securing any debt or other obligation of the company to mortgage or change all or any part of the property of the company.
3) to solicit and procure by any lawful means and to accept and receive any donation of property of any nature and any devise, legacy or annuity, subscription, contribution or fund for the purpose of promoting the company's objects or any of them, and to apply to such purpose the capital as well as the income of any such legacy, donation or fund and to do all such other lawful things as shall further the attainment of the foregoing objects or any of them.
4) for the public benefit to promote the education of people of all ages around the world in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants, or by grants to charities or other organisations worldwide that provide education. The prevention or relief of poverty or financial hardship anywhere in the world by providing grants or loans to individuals in need and or charities or other organisations working to prevent or relieve poverty or financial hardship.
5) to advance the Orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the Code of Jewish Law.
Public Interest
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake.
Achievements and performance
The trustees consider that the performance of the charity this year has been satisfactory. Funds have been granted to various charities in United Kingdom in line with charity's objectives from the donations received from individual and institutional donors.
Financial review
During the year, the charity make a deficit of £211,456 (2023: £318,492).
Reserve Policy
It is the policy of the the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the the trust’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 trustees have assessed the major risks to which the the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The the trust was established by a charitable trust deed on 01 February 2010.
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees who served during the year and up to the date of signature of the financial statements were: Mr.L.I. Kaufman
Mrs P. Kaufman Mr S Kaufman
Recruitment policy
The Charity recognizes that an effective board of trustees is essential if the charity is to be effective in achieving its objects. The board therefore always looking for the representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Currently, the Charity believe that the current board of trustees has the necessary skills to run the operations.
The day to day management is delegated to Mr. L Kaufman and supported by all other trustees.
The day to day management is carried out by both trustees, Mr. L.I Kaufman and Mrs. P Kaufman.
During the year Mr L and Mrs P Kaufman were charged interest of £126,869 (2023: £84,179), in respect of outstanding loan £2,000,738 as at 31 March 2024. Mr L and Mrs P Kaufman are the trustees of the Trust.
The trustees' report was approved by the Board of Trustees.
Mr.L.I. Kaufman
Trustee Dated: 6 January 2025
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KAUFMAN CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of THE KAUFMAN CHARITABLE TRUST (the the trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the the trust’s financial statements carried out under section 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.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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 the Accounting 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.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed 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:
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1 accounting records were not kept in respect of the the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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 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 financial statements to be reached.
Michael Weissbraun (FCA) Weissbraun Emanuel 220 The Vale London NW11 8SR
Dated: 6 January 2025
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 75,840 | 100,220 |
| Investments | 4 | 144,361 | 87,179 |
| Total income | 220,201 | 187,399 | |
| Expenditure on: | |||
| Charitable activities | 5 | 431,657 | 507,931 |
| Net expenditure for the year/ | |||
| Net movement in funds | (211,456) | (320,532) | |
| Fund balances at 1 April 2023 | 2,366,959 | 2,687,491 | |
| Fund balances at 31 March 2024 | 2,155,503 | 2,366,959 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2024 £ £ 2,141,523 15,780 2,157,303 (1,800) 2,155,503 2,155,503 2,155,503 |
2023 £ £ 2,366,198 16,601 2,382,799 (15,840) 2,366,959 2,366,959 2,366,959 |
2023 £ £ 2,366,198 16,601 2,382,799 (15,840) 2,366,959 2,366,959 2,366,959 |
|---|---|---|---|
| 2,366,959 | |||
| 2,366,959 |
The financial statements were approved by the Trustees on 6 January 2025
Mr.L.I. Kaufman Trustee
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Company information
The Kaufman Charitable Trust was established by a charitable trust deed on 01 February 2010.
1.1 Accounting convention
The financial statements have been prepared in accordance with the the trust's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The the trust is a Public Benefit Entity as defined by FRS 102.
The the trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income is interest income from the various loans which are charged at market rate and recognised on accrual basis.
1.5 Resources expended
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The the trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the the trust's balance sheet when the the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2 Critical accounting estimates and judgements
In the application of the the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 75,840 | 100,220 |
| Donations and gifts | ||
| Mr Leo and Noami Kaufman | 60,000 | 96,320 |
| Other | 15,840 | 3,900 |
| 75,840 | 100,220 |
| 4 | Investments | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 144,361 | 87,179 |
During the year, loan interest of £126,869 (2023: £84,179) was received from Mr. L.I and Mrs. P Kaufman in respect of loan outstanding £2,000,738 as at 31 March 2024 (2023: £2,366,198).
5 Charitable activities
| Charitable payments Share of support costs (see note 6) Share of governance costs (see note 6) |
Total | Total |
|---|---|---|
| 2024 £ 429,857 - 1,800 431,657 |
2023 £ 505,671 220 2,040 |
|
| 507,931 |
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Draft Financial Statements at 06 January 2025 at 17:05:00 THE KAUFMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
6 Support costs
| Support costs | ||||
|---|---|---|---|---|
| Sundry expenses Bank charges Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ - - - - - 1,800 - 1,800 - 1,800 |
2024 £ - - 1,800 1,800 1,800 |
Support costs Governance costs £ £ 100 - 120 - - 2,040 220 2,040 220 2,040 |
2023 £ 100 120 2,040 |
| 2,260 | ||||
| 2,260 |
Governance costs includes payments to the accountant of £1,800 (2023- £2,040) for accountancy fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the the trust during the year. There were no expenses incurred by trustees during the year.
8 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. 9 Debtors Amounts falling due within one year: Other debtors 10 Creditors: amounts falling due within one year Accruals and deferred income |
2024 Number - 2024 £ 2,141,523 2024 £ 1,800 |
2023 Number - |
|---|---|---|
| 2023 £ 2,366,198 |
||
| 2023 £ 15,840 |
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