COMPANY REGISTRATION NUMBER: 07695477 CHARITY REGISTRATION NUMBER: 1143211
Basingview Trust Limited Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Basingview Trust Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
Basingview Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, 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 March 2024.
Reference and administrative details
Registered charity name Basingview Trust Limited Charity registration number 1143211 Company registration number 07695477 Principal office and registered 99 Geldeston Road office London E5 8RS The trustees C Benedikt S Benedikt R Reichman Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Basingview Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Structure, governance and management
Basingview Trust Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 6 July 2011 as a company and the company number is 07695477. It was registered as a charity on 2 August 2011 with a charity number 1143211.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Group structure and relationships
The charity has the following owned non-charitable subsidiaries;
Hillview Corporate Limited (Company number 10499210)-100%
The subsidiaries are property trading and investment companies incorporated in England and Wales.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
The objectives of the charity are the advancement of the orthodox Jewish faith.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Investment policy and returns
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have invested in joint property ventures, the performance of the investments is constantly kept under review.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
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Basingview Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Achievements and performance
During the year the charity received donations of £NIL and other income amounting to £149,337 in investment income.
During the year £259,808 was paid out by way of grants and support costs.
Grants were awarded to institutions in the year in accordance with the charity's objectives and as detailed in the notes to the financial statements. These grants were made in line with the stated objects of the charity and have been grouped appropriately. A full list of the grants is available upon written request from the trustees.
The charity has low governance costs comprising professional fees.
There were no fundraising costs during the year.
During the year the trustees sold one of the syndicate investment properties and purchased another one. The gains made on the sale of the syndicate investment property amounted to £109,871 as disclosed on the face of the SOFA.
There was an overall net expenditure during the year amounting to £600.
Financial review
Investment performance
The investments of the charity have produced a return of 2% during the year, due to a lot of refinancing. This is more favourable than current rates on bank deposits.
The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve, being the current assets of the charity.
The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the syndicate properties. The trustees consider the holding value to be the fair value.
The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.
At year end the charity had free reserves, being the net current assets of £1,145,448.
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Basingview Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Plans for future periods
The trustees plan to continue raising funds for projects in line with the trust deed and pursue those objectives and projects with all the resources available to the charity.
The trustees' annual report and the strategic report were approved on 30 January 2025 and signed on behalf of the board of trustees by:
C Benedikt Trustee
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Basingview Trust Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Basingview Trust Limited
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Basingview Trust Limited ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees 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 - matter of concern identified
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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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 ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance 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 accounts to be reached.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
30 January 2025
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Basingview Trust Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 149,337 | 149,337 | 236,778 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 149,337 | 149,337 | 236,778 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 259,808 | 259,808 | 410,985 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 259,808 | 259,808 | 410,985 | |
| ================================ | ================================ | ================================ | ||
| Net gains on investments | 10 | 109,871 | 109,871 | 473,178 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (600) | (600) | 298,971 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 8,154,462 | 8,154,462 | 7,855,491 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 8,153,862 | 8,153,862 | 8,154,462 | |
| ========================================= | ========================================= | ========================================= |
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 14 form part of these financial statements.
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Basingview Trust Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 7,008,414 | 6,516,190 | |
| Current assets | ||||
| Debtors | 16 | 30,000 | – | |
| Cash at bank and in hand | 1,616,661 | 2,298,117 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| 1,646,661 | 2,298,117 | |||
| Creditors: amounts falling due within one year | 17 | 501,213 | 659,845 | |
| ----------------------------------------- | ----------------------------------------- | |||
| Net current assets | 1,145,448 | 1,638,272 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 8,153,862 | 8,154,462 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 8,153,862 | 8,154,462 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 8,153,862 | 8,154,462 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 18 | 8,153,862 | 8,154,462 | |
| ========================================= | ========================================= |
For the year ending 31 March 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 30 January 2025, and are signed on behalf of the board by:
C Benedikt Trustee
The notes on pages 8 to 14 form part of these financial statements.
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. 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 99 Geldeston Road, London, E5 8RS.
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 Companies Act 2006.
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.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The main judgements, estimates or assumptions that affect the amounts reported are the valuation of the investment property. These are updated to fair value based on information supplied by independent valuers.
Fair Value
Debtors and Creditors are stated at fair value.
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 earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
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, grants and rental income is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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.
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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 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.
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.
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these accounts.
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
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 payable 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.
4. 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 £l0.
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Income from investment properties | 128,511 | 128,511 | 228,978 | 228,978 |
| Bank interest receivable | 20,826 | 20,826 | 7,800 | 7,800 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 149,337 | 149,337 | 236,778 | 236,778 | |
| ================================ | ================================ | ================================ | ================================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | 254,850 | 254,850 | 405,975 | 405,975 |
| Support costs | 4,958 | 4,958 | 5,010 | 5,010 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 259,808 | 259,808 | 410,985 | 410,985 | |
| ================================ | ================================ | ================================ | ================================ | |
| Expenditure on charitable activities by activity type | ||||
| Grant funding | Support | Total funds | Total fund | |
| of activities | costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | 254,850 | 338 | 255,188 | 406,365 |
| Governance costs | – | 4,620 | 4,620 | 4,620 |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 254,850 | 4,958 | 259,808 | 410,985 | |
| ================================ | ======================= | ================================ | ================================ |
7. Expenditure on charitable activities by activity type
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
8. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | Total 2024 | Total 2023 | ||
| £ | £ | £ | ||
| General office | 338 | 338 | 390 | |
| Governance costs | 4,620 | 4,620 | 4,620 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 4,958 | 4,958 | 5,010 | ||
| ======================= | ======================= | ======================= | ||
| 9. | Analysis of grants | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Grants to institutions | ||||
| Anpride Ltd | 10,000 | – | ||
| C & G Fund Ltd | 30,000 | 50,000 | ||
| Central KYL | 12,000 | – | ||
| Chevras Mo'oz Ladol | – | 64,200 | ||
| CMA Community Nursery | 13,000 | – | ||
| Grants £10,000 & under | 84,850 | 151,975 | ||
| Kupath Gemach Chaim Vechessed Viznitz | 10,000 | 25,000 | ||
| L O T T C | – | 20,700 | ||
| Mekadhei Shvii | 50,000 | – | ||
| MTV Ltd | 15,000 | – | ||
| Rookwood Foundation | 20,000 | – | ||
| Side By Side | – | 50,000 | ||
| Vyoel Moshe | – | 14,450 | ||
| Yesamach Levov | – | 14,650 | ||
| Yetev Lev | 10,000 | 15,000 | ||
| -------------------------------- | -------------------------------- | |||
| 254,850 | 405,975 | |||
| -------------------------------- | -------------------------------- | |||
| Total grants | 254,850 | 405,975 | ||
| ================================ | ================================ |
The above grants were made to institutions and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
10. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains/(losses) on investment property | 109,871 | 109,871 | 473,178 | 473,178 |
| ================================ | ================================ | ================================ | ================================ |
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
11. Independent examination fees
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 4,620 | 4,620 |
| ======================= | ======================= |
12. 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).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.
14. Investments
| Shares in | |||
|---|---|---|---|
| group | Other | ||
| undertakings | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2023 | 1 | 6,516,189 | 6,516,190 |
| Additions | – | 492,224 | 492,224 |
| -------------- | ----------------------------------------- | ----------------------------------------- | |
| At 31 March 2024 | 1 | 7,008,413 | 7,008,414 |
| ============== | ========================================= | ========================================= | |
| Impairment | |||
| At 1 April 2023 and 31 March 2024 | – | – | – |
| ============== | ========================================= | ========================================= | |
| Carrying amount | |||
| At 31 March 2024 | 1 | 7,008,413 | 7,008,414 |
| ============== | ========================================= | ========================================= | |
| At 31 March 2023 | 1 | 6,516,189 | 6,516,190 |
| ============== | ========================================= | ========================================= |
All investments shown above are held at valuation.
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Other investments includes amounts previously categorised as investment property.
The valuation of the investments is fair value in the opinion of the trustees.
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
15. Investment entities
Subsidiaries and other investments
| Percentage | |||
|---|---|---|---|
| Class of | of shares | ||
| Registered office | share | held | |
| Subsidiary undertakings | |||
| Hillview Corporate Limited | 2nd Floor, Parkgates | Ordinary | 100 |
| Bury New Road | |||
| Prestwich | |||
| Manchester | |||
| M25 0TL | |||
| Debtors | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors | 30,000 | – | |
| ============================ | ============== | ||
| Creditors: amounts falling due within one year | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to group undertakings | 1,007 | 1,008 | |
| Accruals and deferred income | 4,620 | 4,620 | |
| Other creditors | 495,586 | 654,217 | |
| -------------------------------- | -------------------------------- | ||
| 501,213 | 659,845 | ||
| ================================ | ================================ |
16. Debtors
17. Creditors: amounts falling due within one year
18. Analysis of charitable funds
Unrestricted funds
| At 01 | Gains and | At 31 | |||
|---|---|---|---|---|---|
| Apr 2023 | Income | Expenditure | losses | Mar 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 8,154,462 | 149,337 | (259,808) | 109,871 | 8,153,862 |
| ========================================= | ================================ | ================================ | ================================ | ========================================= | |
| At 01 | Gains and | At 31 | |||
| Apr 2022 | Income | Expenditure | losses | Mar 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 7,855,491 | 236,778 | (410,985) | 473,178 | 8,154,462 |
| ========================================= | ================================ | ================================ | ================================ | ========================================= |
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Basingview Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
19. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Investments | 7,008,414 | 7,008,414 |
| Current assets | 1,646,661 | 1,646,661 |
| Creditors less than 1 year | (501,213) | (501,213) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 8,153,862 | 8,153,862 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Investments | 6,516,189 | 6,516,189 |
| Current assets | 2,298,118 | 2,298,118 |
| Creditors less than 1 year | (659,845) | (659,845) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 8,154,462 | 8,154,462 |
| ========================================= | ========================================= |
20. Related parties
Included in Grants payable is £30,000 to C & G Fund Ltd, a charity of which Mr S Benedikt is also a trustee.
Included in other creditors is £74,875 (2023: £242,006) owing to Mr C Benedikt a trustee of the Parent Charity. This loan is interest free and repayable on demand.
Mr C Benedikt is also a trustee of Anpride Ltd.
During the year, the bank account of Basingview Trust Ltd was frozen by the bank on administrative grounds.
Basingview Trust Ltd had committed to buy an investment, prior to the freezing of its bank account for a cash amount of £430,000. Part of the arrangement was that if the bank accounts of Basingview Trust Ltd were still frozen and unable to repay the amount borrowed, then Anpride Limited would assume ownership of the investment.
Anpride Limited agreed to pay this amount on behalf of Basingview Trust Ltd, and in exchange they received a £10,000 donation from Basingview Trust Ltd, to reimburse them for loss of income as a result of this short-term interest free loan. The amount loaned was repaid in full by the year end.
The trustees of Anpride Limited consulted externally with professionals prior to extending the above loan, to ensure there was no conflict of interest.
21. Taxation
Basingview Trust Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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