Charity number: 1151303 THE CASCIA TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE CASCIA TRUST CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report statement of financial activities Balanco sheet Notes to the financial $tatement$ 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 Pla London EC1N 6TD Independent Examiner lan 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 2023 The Trustees present their annual report together with the financi81 statements of the Charity for the year 1 January 2023 10 31 December 2023. Objectives and activities Policies and objectives The objectives of the charity, as set out in ils governing document are lo benefit such charities and such charitable purposes 8s the trustees may detemine. In setting objectives and planning for activities, the Trustees have given due consideration to general guidanee published by the Charity Commission relating to public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. b. Strategies for achieving objeetives The Trustees meet regularly lo consider causes to support, carefully assessing each cause based on available fvnds. 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 org8nis8tions 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 ils purposes for the public benefit. Grants are made lo other charitable organisalions, 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 tolalled £60,50012022'. £77,0001. Financial review a. Going coneem The Charity has minimal fixed costs, with the main Sour of expenditure being grants made to institutions which can be made al the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore feel il is appropriate lo prepare the financial statements on a going concern basis. b. Reserrfes policy The Iruslees aim to maintain sufficient reserves lo ensure that the Trust has funds lo 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 2023 c. Review of the Year At the end of the financial period, the charity had £1,939,58712022 - £1,811,018) of unrestricted reserves. These are largely held as an investment portfolio, valued al £1,916,35512022 - £1,750,143), and cash held at the bank. The market value of the investment portfolio increased by £147,787 12022 - decreased by £113,093). The investment portFolio is professionally managed, and the Iruslees are confident that the investment portfolio is well positioned for the long term. The portfolio generated £36,910 in dividends and interesl12022 - £26,335), and the Trustees are satisfied with this performance. During the period the charity has received donations including gift aid tolalling £25,00012022 - £250,000). The trustees were pleased to be able to continue their grant making program, donating £60,50012022 - £77,700) lo charities of different natures. structure, governance and management a. Constitution The charity was sel up by a trust deed dated 16 February 2013 and became a registered charity {no. 11513031 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 vole. New Trustees are selected to add their expertise or knowledge to the board of Trustees. Plans for future periods The Iruslees expect the charity in the future lo continue to receive donations, make investments and make grants lo other charitable organisalions. Page 3
THE CASCIA TRUST TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 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 Iunited Kingdom Generally A¢pIed Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale 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 slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departLJres disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is in8ppropriate to pSume 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 lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts 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.. sègRhe4 EoJg£iekl stephen Rosefield Trustee Dale.. 2811012024 Page 4
THE CASCIA TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examiner's Report to the Trustees of The Cascia Trust I'the Charity.) report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in aceordanee with the requirements of the Charities Act 2011 I'the 2011 ACVI. 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 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no mallers have come lo my attention in connection with the examination giving me cause lo 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 conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'true and f81¢ view which is not a matter considered as part of an independent examinab'on. 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 stale to the Charity's Trustees those matters l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not a¢p1 or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. /#*& Dated. 28/10/2024 lan 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 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments 25,000 36.910 25,000 36.910 250.000 26,335 Total income 61,910 61,910 276,335 Expenditure on: Raising funds Charitable activities 18,058 63.070 18,058 63,070 12,677 80,304 Total expenditure 81,128 81,128 92,981 Net lexpenditurellincome before net gainsl{losses} on investments Nel gainslllossesl on investments 119.2181 147,787 119.2181 147,787 183,354 (113,093) Net movement in funds 128,569 128,569 70,261 Roconciliation of funds: Total funds brought forward Nel movement in funds 1.811.018 128,569 1.811.018 128,569 1, 740, 757 70,261 Total funds carrigd forward 1,939,587 1,939,587 1,811,018 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 16 form part of these financial slatemenls. Page 6
THE CASCIA TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Investments 1,916,355 1, 750, 343 1.916.355 1, 750, 743 Current assets Debtors Cash al bank and in hand 10 25,000 39,619 25.802 25,802 64,619 Creditors.. amounts falling due within one year 12,570) (3, 744) Net current assets 23.232 60,875 Total net assets 1,939,587 1,811,018 Charity funds Unrestricted funds 12 1.939,587 1,811,018 Total funds 1,939,587 1,811,018 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Stephen Rosefield Trustee Dale.. 2811012024 The notes on pages 8 10 16 form part of these financial slatemenls. Page 7
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Cascia Trust meets the definition of a PLJblic benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounb.ng 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 al the year end. The Trustees therefore feel it is appropriate lo prepare the financial statements on a going concern basis. 1.3 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amoLJnt 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 bul not expended dLJring the period is shown in the relevant funds on the Balan sheet. Where income is received In advance of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs beft)re income is received, the income is accrLJed. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcUy 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 mel at the year end are noted as a commitment, bul not accrued as expenditure. Page 8
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 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 inilialty recognised al their transaction cost and subsequently measured al fair value al the Balan sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial aclivilies. 1.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al 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 dale of acquisition or opening of the deposit or similar account. 1.9 Liabilities Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has reiVed as advanced payments for the goods or services it musl 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 al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.11 Fund accounting General fvnds are unreslricled fvnds 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 fvnd. Page 9
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations Unrestricted funds 2023 Total funds 2023 Donations Gift aid 20,000 5,000 20,000 5,000 25,000 25,000 Unrestricted funds 2022 Total funds 2022 Donations 200,000 50,000 200,000 50,000 Gift aid 250,000 250,000 Investment income Unrestricted funds 2023 Total funds 2023 Income from investment portfolio 36,910 36,910 Unrestricted funds 2022 Total funds 2022 Income from investment portfolio 26,335 26,335 Page 10
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment management costs Unrestricted funds 2023 Total funds 2023 Investment management fees 18,058 18,058 unstricted funds 2022 Total funds 2022 Investment management fees 12,677 12,677 Analysis of grants Grants to Institutions 2023 Total funds 2023 Supporting good causes 60,500 60,500 Grants to Institutions 2022 Total funds 2022 Supporting good causes 77, 700 77, 700 Page11
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of grants Icontinuedl The Charity has made the following material grants to institutions during the year.. 2023 2022 Name of Instltutlon Norwood Jewish Care Masorti Judaism Glyndeboume Nightingale Hammerson Crisis New Israel Fund 3,000 70,000 2,000 2,000 4.000 2,000 10.000 2,000 2.000 2,000 5,000 World Jewish Relief Trussel Trust CST St Edmund Hall The New London Synagogue Magen David Adom 8,500 5.500 2,500 5,000 11,500 5,000 11,250 2.500 39.750 56,000 Other grants < £2,000 in aggregate 20,750 21,700 60,500 77. 700 Analysis of expenditure by activities Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting good causes 60,500 2,570 63,070 Page 12
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Icontinuedl Grant funding ol activities 2022 Support Gosts 2022 Total funds 2022 Supporting good causes 77,700 2,604 80,304 Analysis of support costs Supporting good causes 2023 Total funds 2023 Governance costs 2,570 2,570 Governance costs are comprised entirely of the Independent examination fee for the year Supporting good causes 2022 Total funds 2022 Accountancy costs Governance costs 300 2,304 300 2,304 2,604 2,604 Governance costs were comprised entirely of the Independent examination fee for the year Independent examlner's remuneratlon 2023 2022 Fees payable lo the Charity's independent examiner for the preparation and Independent examinabon of the Charity's annual accounts 2.570 2.304 Page 13
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NILJ. Fixed asset investments Cash held in investment portfolio Listed investments Total Cost or valuatlon At 1 January 2023 Additions Disposals Revaluations 1,676,367 1.303.053 11.269.765} 147,787 73,776 11,354.9111 1,340.048 1,750,143 151.8581 70,283 147,787 At 31 December 2023 1,857,442 58,913 1,916,355 Net book value At 31 December 2023 1,857,442 58,913 1,916,355 At 31 Dernber 2022 1,676.367 73.776 1.750.143 10. Debtors 2023 2022 Due within ong yoar Gift Aid debtor 25,000 25,000 11. Creditors: Amounts falling due within one year 2023 2022 Accruals 2,570 3, 744 Page 14
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Statement of funds statement of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds - all funds 1.811,018 61.910 181.1281 147.787 1.939,587 Statement of funds - prior year Balan 8t 31 December 2022 Balan at l January 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds - all fvnds 7, 740, 757 276.335 (92,981) (113,093) 7,871,018 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1,916,355 25,802 12,5701 1.916,355 25,802 12,5701 Total 1,939,587 1.939,587 Page 15
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Fixed asset investments 1,750,143 64,619 (3, 744) 1, 750, 143 64,619 (3, 744) Current assets Creditors due within one year Totsl 1,811,018 1,811,018 14. Related party transactlons During the year the charity received £25,000 12022 £250,000) of donations, including Gift Aid, from Stephen Rosefield, a trustee. These funds were received without restrictions. Page 16