Charity number: 1151303 THE CASCIA TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 Balance sheet Notes to the financial statements 8-17
THE CASCIA TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Stephen Rosefield Roberta Rosefield Hannah Rosefield Paul Rosefield Charity registered number 1151303 Principal office 33 Ely Place 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 2024 The Trustees present their annual report together with the financial statements of the Charity for the yearyear 1 January 2024 to 31 Dember 2024. Objectives and activities a. Policies and objectives The objectives of the charity, as set out in its goveming 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 guidan 'Public benefit.. running a charity {PB2}'. b. Strategies for achieving objectives The Trustees meet regulady to consider causes to support, carefijlly 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 its 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 Charty The Trustees made numerous donations to good causes in accordan with its objects during the course of the year. Donations during the year totalled £73.800 (2023: £60,500). Financial review . Going concern The Charity has minimal fixed costs, with the main Sour of expendtture 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 cOnM 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 2024 c. Review of the Year At the end of the financial period, the charity had £2,265,265 (2023 - £1,939,587) of unrestricted reserves. These are largely held as an investment portfolio, valued at £2,079,037 (2023 - £1,916,355), and cash held at the bank. The market value of the investment portfolio increased by £110,421 (2023 - £147,787}. 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 £74,096 in dividends and interest (2023 £36,910), and the Trustees are satisfied with this performance. During the period the charity has received donations including gift aid totalling £237,500 (2023 - £25,000). The trustees were pleased to be able to continue their grant making program, donating £73,800 (2023 - £60,500) 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 2024 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 Practi). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year 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 conrn 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.. gpkeh Eoffjefiekl Stephen Rosefield Trustee Date: 1511012025 Page 4
THE CASCIA TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024. 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 l am qualified to undertake the examination because l 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 confimi 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 conceming 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 fairf view which is not a matter considered as part of an independent examination. I have no concems 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 Charitys Trustees, as a body, in accordan 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 l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted 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.. Dated: 1511012025 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 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 237,500 74.096 237,500 74.096 25,000 36,910 Total income 311.596 311,596 61,910 Expenditure on: Raising funds Charitable activities 19.949 76,390 19,949 76,390 18,058 63,070 Total expenditure 96,339 96,339 81,128 Net incomel(expenditure) before net gains on investments 215.257 110,421 215,257 110,421 (19,218) 147,787 Net gains on investments Net movement in funds 325.678 325,678 128, 569 Reconciliation of funds". Total funds brought forward Net movement in funds 1,939,587 325.678 1,939,587 325.678 1,811,018 728,569 Total funds carried forward 2,265.265 2,265,265 1,939,587 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 17 form part of these financial statements. Page 6
THE CASCIA TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Investments 2,079,037 1,916,355 2.079.037 1,916,355 Current assets Debtors Cash at bank and in hand 10 25.000 163.868 25,802 188,868 25,802 Creditors.. amounts falling due within one year 12,640) (2, 570) Net current assets 186.228 23,232 Total net assets 2,265,265 1,939,587 Charity funds Unrestricted funds 12 2,265,265 1,939,587 Total funds 2,265.265 1,939,587 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. teRkeh Eosefiekl Stephen Rosefield Trustee Date. 1511012025 The notes on pages 8 to 17 form part of these financial statements. Page 7
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended practi 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 concem 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 balan 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 reipt, 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 reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. 1A 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 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 2024 Accounting policies (continued) 1A Expenditure (continued) All expenditure is inclusive of irrecoverable VAT. 1.5 Interest receivable Interest on fijnds held on deposit is included when re1vable and the amount can be measured reliably by the Charity,. this is nomially upon notification of the interest paid or payable by the institution with whom the fijnds 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 Balan 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 'Gainsl(Lossesl 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 Balan 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 ServIS it must provide. 1.10 Financial instruments The Charity only has finanaal 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 exptIOn 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 2024 Income from donations Unrestricted funds 2024 Total funds 2024 Donations 190,000 47,500 190.000 47,500 Gift aid 237,500 237,500 Unrestricted funds 2023 Total funds 2023 Donations Gift aid 20, 000 5,000 20,000 5,000 25,000 25,000 Investment income Unrestricted funds 2024 Total funds 2024 Income from investment portfolio 74,096 74,096 Unrestricted funds 2023 Total funds 2023 Income from investment portfolio 36,910 36,910 Page 10
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment management costs Unrestricted funds 2024 Total funds 2024 Investment management fees 19,949 19,949 Unrestricted funds 2023 Total funds 2023 Investment management fees 18,058 18,058 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Supporting good causes 73,800 73.800 Grants to Institutions 2023 Total funds 2023 Supporting good causes 60, 500 60,500 Page11
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of grants (continued) The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution Bamardo's 2,000 3.000 10,000 3.000 2,000 3.000 3,000 2.500 10,000 3.500 8,000 2.500 5,000 3.000 Norwood Jewish Care Masorti Judaism 10,000 2,000 Glyndebourne JCORE Nightingale Hammerson New Israel Fund 2,000 2,000 5,000 World Jewish Relief Trussel Trust CST Friends of Louis Jacobs St Edmund Hall 5,000 Chai Cancer Care The New London Synagogue Magen David Adom St Paul's School 11,250 2,500 3,000 63.500 39, 750 other grants < £2,000 in aggregate 10.300 20, 750 73,800 60,500 Page 12
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting good causes 73,800 2,590 76,390 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting good causes 60, 500 2,570 63,070 Anatysis of support costs Supporting good causes 2024 Total funds 2024 Governan costs 2,590 2,590 Governance costs are comprised entirely of the Independent examination fee for the year Supporting good causes 2023 Total funds 2023 Governan costs 2,570 2,570 Governan costs were comprised entirely of the Independent examination fee for the year Page 13
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's remuneration 2024 2023 Fees payable to the Charity's independent examiner for the preparation and independent examination of the Charitys annual accounts 2.640 2,570 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Cash held in investment portfolio Listed investments Total Cost or valuation At 1 January 2024 Additions Disposals Revaluations 1,857.442 58,913 1.916,355 1,108,744 1,111,344 2,220,088 11,004.464) (1,163,363) 12.167.827) 110,421 110,421 At 31 December 2024 2,072.143 6,894 2.079.037 Net book value At 31 December 2024 2,072,143 6,894 2,079,037 At 31 Dernber 2023 1,857,442 58,913 1,916,355 Page 14
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Debtors 2024 2023 Due within one year Gift Aid debtor 25.000 25,000 11. Creditors: Amounts falling due within one year 2024 2023 Accruals 2,570 Page 15
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds- all fijnds 1,939,587 311.596 (96.339) 110.421 2.265.265 Statement of funds - prior year Balance at 31 December 2023 Balan at 1 January 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds- all funds 1,811,018 61,910 (81, 128) 147, 787 1,939,587 Page 16
THE CASCIA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Analysis of net assets between funds Anatysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 2,079,037 188,868 (2,6401 2.079,037 188,868 {2.640) Current assets Creditors due within one year Total 2,265,265 2.265,265 Anatysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1,916,355 25,802 (2, 570) 1,916,355 25, 802 (2,570) Total 1,939,587 1,939,587 14. Related party transactions During the year the charity received £212.500 {2023 £25,000) of donations, including Gift Aid, from Stephen Rosefield, a trustee. These funds were reiVed without restrictions. Page 17