**Charity number: 1151303**
## **THE CASCIA TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE CASCIA TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 15|
**THE CASCIA TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Trustees**|Stephen Rosefield|
|---|---|
||Roberta Rosefield|
||Hannah Rosefield|
||Paul Rosefield (appointed 23 February 2021)|
|**Charity registered**
**number**
1151303
**Principal office**
33 Ely Place
London
EC1N 6TD
**Accountants**
Berg Kaprow Lewis LLP
Chartered Accountants
35 Ballards Lane
London
N3 1XW
**Bankers and Investment**
**Advisors**
Arbuthnot Latham & Co
Arbuthnot House
7 Wilson Street
London
EC2M 2SN||
Page 1
## **THE CASCIA TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2020 to 31 December 2020.
## **Objectives and activities**
## **a. Policies and objectives**
The objectives of the charity, as set out in its governing document are to benefit such charities and such charitable purposes as the trustees may determine.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **Financial review**
## **a. Going concern**
The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore feel it is appropriate to prepare the financial statements on a going concern basis.
## **b. Review**
At the end of the financial period, the charity had £1,232,104 (2019 - £1,157,041) of unrestricted reserves. These are largely held as an investment portfolio, valued at £1,020,846 (2019 - £984,528), and cash held at the bank. The market value of the investment portfolio increased by £31,428 (2019 - £104,375). The investment portfolio is professionally managed, and the trustees are confident that the investment portfolio is well positioned for the long term.
The portfolio generated £15,081 in dividends and interest (2019 - £22,531), and the directors are satisfied with this performance.
## **c. Review of activities**
During the period the charity has received donations totalling £100,000 (2019: £150,000), and investment income of £15,081 (2019: £22,531).
The trustees were pleased to be able to continue their grant making program, donating £59,230 (2019: £45,900) to 32 (2019: 26) charities of different natures.
## **Structure, governance and management**
## **a. Constitution**
The charity was set up by a trust deed dated 16 February 2013 and became a registered charity (no. 1151303) on 20 March 2013.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 2
**THE CASCIA TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Structure, governance and management (continued)**
## **c. Organisational structure and decision-making policies**
The trustees meet informally to decide on the strategy for the charity.
## **d. Reserves policy**
The trustees aim to maintain sufficient reserves to ensure that the Trust has funds to cover fixed expenses for at least 12 months.
## **Plans for future periods**
The trustees expect the charity in the future to continue to receive donations, make investments and make grants to other charitable organisations.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## stephen Rosefield
................................................ **Stephen Rosefield** Trustee Date: 15/10/2021
Page 3
## **THE CASCIA TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Independent Examiner's Report to the Trustees of The Cascia Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
## Ian Saunderson
15/10/2021
Signed:
Dated:
Ian Saunderson FCA
Berg Kaprow Lewis LLP Chartered Accountants London
Page 4
## **THE CASCIA TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
**Total expenditure**
**Net income before net gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**100,000**
**15,081**
**115,081**
**10,146**
**61,300**
**71,446**
**43,635**
**31,428**
**75,063**
**1,157,041**
**75,063**
**1,232,104**|**Total**
**funds**
**2020**
**£**
**100,000**
**15,081**
**115,081**
**10,146**
**61,300**
**71,446**
**43,635**
**31,428**
**75,063**
**1,157,041**
**75,063**
**1,232,104**|_Total_
_funds_
_2019_
_£_
_150,000_
_22,531_|
|---|---|---|---|
||||_172,531_|
||||_12,823_
_48,120_|
||||_60,943_|
||||_111,588_
_104,375_|
||||_215,963_|
||||_941,078_
_215,963_|
||||_1,157,041_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
## **THE CASCIA TRUST**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Note**
**Fixed assets**
Investments
8
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
10
**Total funds**|**213,298**
**213,298**
**(2,040)**|**2020**
**£**
**1,020,846**
**1,020,846**
**211,258**
**1,232,104**
**1,232,104**
**1,232,104**
**1,232,104**|_174,553_
_174,553_
_(2,040)_|_2019_
_£_
_984,528_|
|---|---|---|---|---|
|||||_984,528_
_172,513_|
|||||_1,157,041_|
||||||
|||||_1,157,041_|
|||||_1,157,041_|
||||||
|||||_1,157,041_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## stephen Rosefield
................................................
**Stephen Rosefield** Trustee Date: 15/10/2021
The notes on pages 7 to 15 form part of these financial statements.
Page 6
**THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Cascia Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Going concern**
The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore feel it is appropriate to prepare the financial statements on a going concern basis.
## **1.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 7
**THE CASCIA TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **1.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **1.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.8 Liabilities**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **1.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. Income from donations**
|**Unrestricted**
**funds**
**2020**
**£**
Donations (including Gift Aid recoverable)
100,000
_Total 2019_
_150,000_|**Total**
**funds**
**2020**
**£**
**100,000**
_150,000_|_Total_
_funds_
_2019_
_£_
_150,000_|
|---|---|---|
||||
## **3. Investment income**
|**Unrestricted**
**funds**
**2020**
**£**
Income from investment portfolio
15,081
_Total 2019_
_22,531_
**Investment management costs**
**Unrestricted**
**funds**
**2020**
**£**
Investment management fees
10,146
_Total 2019_
_12,823_|**Total**
**funds**
**2020**
**£**
**15,081**
_22,531_
**Total**
**funds**
**2020**
**£**
**10,146**
_12,823_|_Total_
_funds_
_2019_
_£_
_22,531_|
|---|---|---|
|||_Total_
_funds_
_2019_
_£_
_12,823_|
||||
## **4. Investment management costs**
Page 9
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **5. Analysis of grants**
|Grant making activities
_Total 2019_|**Grants to**
**Institutions**
**2020**
**£**
59,320
_45,900_|**Total**
**funds**
**2020**
**£**
**59,320**
_45,900_|_Total_
_funds_
_2019_
_£_
_45,900_|
|---|---|---|---|
|||||
Page 10
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **5. Analysis of grants (continued)**
The Charity has made the following material grants to institutions during the year:
|**Name of institution**
Barnardos
Jewish Care
Masorti Judaism
Glyndebourne
JCORE
Nightingale Hammerson
Langdon
World Jewish Relief
Jewish Homes Emergency
Trussel Trust
NHS Charity Together
Grants individually less than £2,000|**2020**
**£**
**2,000**
**10,000**
**3,000**
**-**
**-**
**7,500**
**-**
**6,500**
**5,000**
**2,500**
**2,000**
**20,820**
**59,320**|_2019_
_£_
_2,000_
_12,500_
_3,000_
_2,000_
_3,000_
_2,500_
_2,000_
_-_
_-_
_-_
_-_
_18,900_|
|---|---|---|
|||_45,900_|
|**Analysis of supported activity types**
Culture
Education
Health and Social Care
Religion and Interfaith
Other|**2020**
**£**
**2,150**
**5,500**
**43,650**
**5,500**
**2,520**
**59,320**|_2019_
_£_
_4,150_
_5,800_
_23,950_
_9,500_
_2,500_|
|---|---|---|
|||_45,900_|
Page 11
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. Analysis of expenditure by activities**
|_Total 2019_
**Analysis of support costs**
Independent Examination fee
_Total 2019_|**Grant**
**funding of**
**activities**
**2020**
**£**
59,320
_45,900_|**Support**
**costs**
**2020**
**£**
1,980
_2,220_
**Activities**
**2020**
**£**
1,980
_2,220_|**Total**
**funds**
**2020**
**£**
**61,300**
_48,120_
**Total**
**funds**
**2020**
**£**
**1,980**
_2,220_|_Total_
_funds_
_2019_
_£_
_48,120_|
|---|---|---|---|---|
|||||_Total_
_funds_
_2019_
_£_
_2,220_|
||||||
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2019 - £NIL)_ .
During the year ended 31 December 2020, no Trustee expenses have been incurred _(2019 - £NIL)_ .
Page 12
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **8. Fixed asset investments**
|**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
**Net book value**
At 31 December 2020
_At 31 December 2019_
**9.**
**Creditors: Amounts falling due within one year**
Accruals|**Listed**
**investments**
**£**
**967,253**
**436,121**
**(429,532)**
**31,428**
**1,005,270**
**1,005,270**
_967,253_|**Cash held in**
**investment**
**portfolio**
**£**
**17,275**
**444,514**
**(446,213)**
**-**
**15,576**
**15,576**
_17,275_
**2020**
**£**
**2,040**|**Total**
**£**
**984,528**
**880,635**
**(875,745)**
**31,428**
**1,020,846**
**1,020,846**
_984,528_
_2019_
_£_
_2,040_|
|---|---|---|---|
Page 13
## **THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **10. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**31**|
||**January**|||**Gains/**|**December**|
||**2020**|**Income**|**Expenditure**|**(Losses)**|**2020**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds - all funds|**1,157,041**|**115,081**|**(71,446)**|**31,428**|**1,232,104**|
|**Statement of funds - prior**|**year**|||||
||||||_Balance at_|
||_Balance at_||||_31_|
||_1 January_|||_Gains/_|_December_|
||_2019_|_Income_|_Expenditure_|_(Losses)_|_2019_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Funds - all funds|_941,078_|_172,531_|_(60,943)_|_104,375_|_1,157,041_|
## **11. Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2020**
**£**
Fixed asset investments
1,020,846
Current assets
213,298
Creditors due within one year
(2,040)
**Total**
1,232,104|**Total**
**funds**
**2020**
**£**
**1,020,846**
**213,298**
**(2,040)**|
|---|---|
||**1,232,104**|
Page 14
**THE CASCIA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **11. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2019_
_£_
_984,528_
_174,553_
_(2,040)_
_1,157,041_|_Total_
_funds_
_2019_
_£_
_984,528_
_174,553_
_(2,040)_
_1,157,041_|
|---|---|---|
## **12. Related party transactions**
During the year the charity received £100,000 (2019 - £150,000) of donations, including Gift Aid, from Stephen Rosefield, a trustee. These funds were received without restrictions.
During the prior year, the charity made donations of £1,000 to JCORE, which at the time had a common Trustee, Stephen Rosefield.
Page 15