Charity number: 1151303
THE CASCIA TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE CASCIA TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
THE CASCIA TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees Stephen Rosefield Roberta Rosefield Hannah Rosefield Paul Rosefield Charity registered number 1151303 Principal office 33 Ely Place London EC1N 6TD Independent Examiner Ian Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers and Investment Arbuthnot Latham & Co Advisors 7 Wilson Street London EC2M 2SN
Page 1
THE CASCIA TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2022 to 31 December 2022.
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)'.
b. Strategies for achieving objectives
The Trustees meet regularly to consider causes to support, carefully assessing each cause based on available funds. Causes are selected from Trustee contacts and knowledge, rather than accepting unsolicited applications.
c. Activities undertaken to achieve objectives
The Charity undertakes to give grants to worthy organisations as the Trustees see fit.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The Charity undertakes to give grants to further it's purposes for the public benefit. Grants are made to other charitable organisations, which the Trustees believe is for the public benefit.
Achievements and performance
a. Main achievements of the Charity
The Trustees made numerous donations to good causes in accordance with it's objects during the course of the year. Donations during the year totalled £77,000 (2021: £65,959).
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. 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. This level has been maintained throughout the year.
Page 2
THE CASCIA TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
c. Review of the Year
At the end of the financial period, the charity had £1,811,018 (2021 - £1,740,757) of unrestricted reserves. These are largely held as an investment portfolio, valued at £1,750,143 (2021 - £1,624,753), and cash held at the bank. The market value of the investment portfolio decreased by £113,093 (2021 - increased by £121,421). 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 £26,335 in dividends and interest (2021 - £20,746), and the Trustees are satisfied with this performance.
During the period the charity has received donations including gift aid totalling £250,000 (2021 - £447,500).
The trustees were pleased to be able to continue their grant making program, donating £77,700 (2021 - £65,959) to 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
New Trustees are appointed by selection by the current Trustees of the charity by a simple majority vote. New Trustees are selected to add their expertise or knowledge to the board of Trustees.
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.
Page 3
THE CASCIA TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
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 Trustee
Date:
Page 4
THE CASCIA TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022.
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
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
Signed: Ian Saunderson Dated: 31/10/2023
Ian Saunderson FCA
BKL Audit LLP 35 Ballards Lane London N3 1XW
Page 5
THE CASCIA TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 250,000 26,335 276,335 12,677 80,304 92,981 183,354 (113,093) 70,261 1,740,757 70,261 1,811,018 |
Total funds 2022 £ 250,000 26,335 276,335 12,677 80,304 92,981 183,354 (113,093) 70,261 1,740,757 70,261 1,811,018 |
Total funds 2021 £ 447,500 20,746 |
|---|---|---|---|
| 468,246 | |||
| 13,075 67,939 |
|||
| 81,014 | |||
| 387,232 121,421 |
|||
| 508,653 | |||
| 1,232,104 508,653 |
|||
| 1,740,757 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
THE CASCIA TRUST
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Unrestricted funds 12 Total funds |
25,000 39,619 64,619 (3,744) |
2022 £ 1,750,143 1,750,143 60,875 1,811,018 1,811,018 1,811,018 |
- 120,044 120,044 (4,040) |
2021 £ 1,624,753 |
|---|---|---|---|---|
| 1,624,753 116,004 |
||||
| 1,740,757 | ||||
| 1,740,757 | ||||
| 1,740,757 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Stephen Rosefield Trustee
Date:
The notes on pages 8 to 16 form part of these financial statements.
Page 7
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
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.
Page 8
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies (continued)
1.4 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
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 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 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.
1.9 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.
1.10 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.
1.11 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 9
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Income from donations
| Donations Gift aid Donations Gift aid Investment income Income from investment portfolio Income from investment portfolio |
Unrestricted funds 2022 £ 200,000 50,000 250,000 Unrestricted funds 2021 £ 410,000 37,500 447,500 Unrestricted funds 2022 £ 26,335 Unrestricted funds 2021 £ 20,746 |
Total funds 2022 £ 200,000 50,000 |
|---|---|---|
| 250,000 | ||
| Total funds 2021 £ 410,000 37,500 |
||
| 447,500 | ||
| Total funds 2022 £ 26,335 |
||
| Total funds 2021 £ 20,746 |
3. Investment income
Page 10
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Investment management costs
| Investment management fees Investment management fees |
Unrestricted funds 2022 £ 12,677 Unrestricted funds 2021 £ 13,075 |
Total funds 2022 £ 12,677 |
|---|---|---|
| Total funds 2021 £ 13,075 |
5. Analysis of grants
| Supporting good causes Supporting good causes |
Grants to Institutions 2022 £ 77,700 Grants to Institutions 2021 £ 65,959 |
Total funds 2022 £ 77,700 |
|---|---|---|
| Total funds 2021 £ 65,959 |
Page 11
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Analysis of grants (continued)
The Charity has made the following material grants to institutions during the year:
| Name of institution Norwood Jewish Care Masorti Judaism Glyndebourne JCORE Nightingale Hammerson Crisis Langdon New Israeli Fund World Jewish Relief Trussel Trust CST Friends of Louis Jacobs St Edmund Hall Centrepoint The New London Synagogue Other grants < £2,000 in aggregate |
2022 £ 3,000 10,000 2,000 2,000 - 4,000 2,000 - - 8,500 5,500 2,500 - 5,000 - 11,500 56,000 21,700 |
2021 £ 3,500 13,000 2,000 2,000 4,000 5,000 3,500 2,000 2,000 5,000 2,000 - 2,000 2,250 2,200 3,500 |
|---|---|---|
| 53,950 12,009 |
6. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Supporting good causes | 77,700 | 2,604 | 80,304 |
Page 12
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Analysis of expenditure by activities (continued)
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Supporting good causes | 65,959 | 1,980 | 67,939 |
Analysis of support costs
| Accountancy Governance costs |
Supporting good causes 2022 £ 300 2,304 2,604 |
Total funds 2022 £ 300 2,304 |
|---|---|---|
| 2,604 |
Governance costs are comprised entirely of the Independent examination fee for the year
| Supporting | Total | |
|---|---|---|
| good causes | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Governance costs | 1,980 | 1,980 |
Governance costs were comprised entirely of the Independent examination fee for the year
7. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the preparation and | ||
| independent examination of the Charity's annual accounts | 2,304 | 1,980 |
Page 13
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 10. Debtors Due within one year Gift Aid debtor 11. Creditors: Amounts falling due within one year Accruals |
Listed investments £ 1,605,095 994,652 (810,287) (113,093) 1,676,367 1,676,367 1,605,095 |
Cash held in investment portfolio £ 19,658 1,081,799 (1,027,681) - 73,776 73,776 19,658 2022 £ 25,000 25,000 2022 £ 3,744 |
Cash held in investment portfolio £ 19,658 1,081,799 (1,027,681) - 73,776 73,776 19,658 2022 £ 25,000 25,000 2022 £ 3,744 |
Total £ 1,624,753 2,076,451 (1,837,968) (113,093) 1,750,143 1,750,143 1,624,753 2021 £ - |
|
|---|---|---|---|---|---|
| 25,000 | - | ||||
| 2022 £ 3,744 |
2021 £ 4,040 |
Page 14
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2022 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,740,757 | 276,335 | (92,981) | (113,093) | 1,811,018 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,232,104 | 468,246 | (81,014) | 121,421 | 1,740,757 |
13. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 1,750,143 Current assets 64,619 Creditors due within one year (3,744) Total 1,811,018 |
Total funds 2022 £ 1,750,143 64,619 (3,744) 1,811,018 |
|---|---|
Page 15
THE CASCIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,624,753 120,044 (4,040) 1,740,757 |
Total funds 2021 £ 1,624,753 120,044 (4,040) 1,740,757 |
|---|---|---|
14. Related party transactions
During the year the charity received £200,000 (2021 - £197,500) of donations, including Gift Aid, from Stephen Rosefield, a trustee. These funds were received without restrictions.
During the year the charity received £Nil (2021 - £250,000) of donations from The Endeavour Trust Ltd, a company with a common director/trustee. These funds were received without restrictions.
Page 16
Cascia 22 Accounts
Final Audit Report
2023-10-31
Created: 2023-10-31 By: External Accounts BKL (externalaccounts@bkl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAXZYnGJ9ChfJAHTrRWv07TnTyqKzcQFw4
"Cascia 22 Accounts" History
Document created by External Accounts BKL (externalaccounts@bkl.co.uk)
2023-10-31 - 12:57:13 GMT- IP address: 171.33.202.21
Document emailed to Ian Saunderson (ian.saunderson@bkl.co.uk) for signature 2023-10-31 - 12:57:58 GMT
Email viewed by Ian Saunderson (ian.saunderson@bkl.co.uk)
2023-10-31 - 13:22:12 GMT- IP address: 104.47.11.62
Document e-signed by Ian Saunderson (ian.saunderson@bkl.co.uk)
Signature Date: 2023-10-31 - 13:22:47 GMT - Time Source: server- IP address: 31.51.202.69
Agreement completed.
2023-10-31 - 13:22:47 GMT