Charity number: 1163838 KROPIFKO CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
KROPIFKO CHARITABLE TRUST CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-17
KROPIFKO CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Adam Kaye Samuel Kaye Samantha Sanson Charity registered number 1163838 Prlnclpal offlce 1A Downshire Hill London NW3 1NR Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Barclays Bank PLC 1 Churchill Plac8 London E14 5HP Page 1
KROPIFKO CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the charity for the period from 6 April 2023 10 5 April 2024 Objectives and activities a. Policies and objectives The objectives of the charity are 11 The prevention or rellef of poverty among children and young people., 21 To advance and promote the education of children and young people; 31 The advancement of health or the saving of lives of children and young people; 41 The relief of children and young people who are in need. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidan 'Public benefit.. running a charity IPB21'. b. Actlvltles undertaken to achleve oblectlves The charity owns an investment property purchased in 2016. This ensures that the charity has a steady source of income with which to achieve its objectives. Achievements and performance a. Key perfomiance Indlcators Financial perfomance is measured by assessing the level of donations received and investment income attained. The trustees are satisfied with the levels attained during the year. b. Investment pollcy and performance The trust has invested in a commercial and residential property from which it receives rental income. Performance is measured by ensuring that rental yield is a reasonable rate. Flnanclal revlew a. Golng eoncern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The trustees aim to ensure that the charity has reserves lo match six months of property maintenance costs and other overheads. This was largely exceeded at the year end and the trustees are continuing a program of grant making in the next financial year Page 2
KROPIFKO CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 e. Prlnclpal rlsks and uncertalntles The trustees have reviewed the principal risks that the charity faces, and are confident that the charity has plans to deal with these risks and uncertainties. d. Financial risk management objectives and policies Reserves at the year end were £923,344 {2023'. £1,244,591) which included £32,65212023'. £57,540) of cash at bank. Donations received in the year tolalled £6,700 12023.. £7,800) and investment income lotalled £108,611 12023.. £103,818). The Iruslees are pleased with this perfoan. The trustees are pleased lo have been able to make £25,00012023'. £23,000) of grants in the year. Structure. governance and management a. Constitution The charity was sel up by trust deed on 29 April 2015 and recognised by the Charity Commission on 5 October 2016. b. Methods of appolntment or electlon of Trustees The management of the charity is the responsibility of the Trustees who are elected and c&opted under the tem)s of the Trust deed. New Iruslees are recommended by current Iruslees to fill skills gaps within the trustee board. All Iruslees undergo specialist training in order lo fulfil their role. e. Oryanlsatlonal structure and declslon-maklng pollcles Trustee meetings are held throughout the year, with decisions being taken on the basis of a majority vote of the trustees. Page 3
KROPIFKO CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Statement of Trustees, responslbllltles 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 Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepa financial statements for each financial which give a true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitsble accounting policies and then apply them consislenuy., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whelher applicable UK Accounting Standards IFRS 1021 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 lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charills transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial ststements 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.. kayg Adam Kaye Trustee Date 0410212025 Page 4
KROPIFKO CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 Indepgndent Examingrfs Report to the TrustO9s of Kropifko Charitable Trust I'thg Charity.) I report lo the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024. R&spon$ibilitigs and Basis of Report As the Trustees of the charity you are spOnSible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the 2011 Act'l. I report in respect of my examination of the charills 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 A¢t. Independent Examlnels Statement I have completed my examination. I confirm that no matters have come to 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 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 'lrue and fair. view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This report is made solely lo the charills 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 slate to the charills Trustees those matters l am required to slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permilled 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. lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW 0410212025 Page 5
KROPIFKO CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Unrg$tricted funds 2024 Total funds 2024 Total funds 2023 Notg Income from- Donations and legacies Investments 6.700 108,611 6,700 108,611 7,800 103,818 Total Income 115.311 115.311 111,618 Expenditure on- Raising funds Charitable activities 51,230 47,878 51,230 47,878 23,327 107,483 Total expendlture 99.108 99.108 130,810 Net incomellexpenditurel before net losses on investments Net losses on investments 16,203 137.585) 16,203 137.585) (19,792) (446,923) Net movement in funds 121,382) 121,382) (466, 115) Re¢onciliation of funds: Total funds brought foNard Net movement in funds 1,244,336 121.382) 1,244.336 121.382) 1,710,451 (466, 7 15) Total funds carried forward 1,222.954 1,222.954 1.244,336 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 17 fomi part of these financial statements. Page 6
KROPIFKO CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notg Fixed assets Investment property 1,501,585 1.201,585 1,501.585 1,201,585 Current assets Debtors Cash at bank and in hand 10 43,710 32,652 42,899 57,540 76,362 100,439 Creditors.. amounts falling due within one year 1354,9931 (57,688) Net current liabilities l assets (278,631) 42,757 Total net assels 1,222,954 1,244,336 Charity funds Unrestricted funds 1,222,954 1,244,336 Total funds 1,222.954 7,244,336 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. kayg Adam Kaye Chair Date.. 04/0212025 The notes on pages 8 to 17 form part of these financial statements. Page 7
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies 1.1 Basis of preparation of financial staternents The financial statements have been prepared in accordance with the Charities SORP IFRS 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Kropifko Charitable 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 staled 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 and large net assets at the year end. The charity has nel current liabilities at 31 March 2024 amounting to £278.631 and relies on funding from related companies amounting to £331,619 as sel out in Note 14. The accounts have therefore been prepared on a going COnM 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 amount of income re1vable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. 1.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the charity lo raise funds for its charitsble purposes and includes costs of all fundraising activities events and non-charitsble trading. Expenditure on charitatile 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 8s 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. 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. Page 8
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies Icontinugd) 1.6 Invgstmgnts Fixed asset investments are a form of financial instrument and are initially recognised at their Iransartion 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 'GainsllLossesl on investments, in the Statement of Financial Aclivilies. 1.7 Dgbtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi 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 Liabilitigs and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il 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 wll pay lo sellle the debt or the amount it has received as advanced payments for the goods or ServIS it must provide. 1.10 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 9
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 In¢omg from donations and 1gga¢i9S Unrgstricted funds 2024 Total funds 2024 Donated services 6,700 6.700 Unrestricted funds 2023 Total funds 2023 Donated services 7,800 7,800 Investment Income Unrestrlcted funds 2024 Total funds 2024 Rent81 income Bank interest re1vable 108,360 251 108.360 251 108,611 108.611 Unrestricted funds 2023 Total funds 2023 Rental income Bank interest receivable 102,928 890 102,928 890 103,818 103,818 Page 10
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Invgstmgnt managgmgnt costs Unrgstricted funds 2024 Total funds 2024 Property costs Property management fees 44,530 6,700 44.530 6.700 51,230 51.230 Unrestricted funds 2023 Total funds 2023 Property costs Refurbishment costs Property management fees 14,667 260 14,667 260 8,400 8,400 23,327 23,327 Analysis of grants Grants to Institutions 2024 Total funds 2024 Advancing the welfare of young people 25,000 25.000 Grants lo Institutions 2023 Total funds 2023 Advancing the welfare of young people 23,000 23,000 Page11
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of grants (Continued) The charity has made the following material grants lo institutions during the year: 2024 2023 Name of institution Grief Encounter Chai Cancer Care Hatzola 10,000 10,000 5,000 10,000 8,000 Wesl London Synagogue 5,000 Total 25,000 23,000 Analysis of expenditure by activities Grant funding of activities 2024 Support osts 2024 Total funds 2024 Advancing the welfare of young people 25,000 22,878 47.878 Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Advancing the welfare of young people 23,000 84,483 707,483 Page 12
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of expgnditure by a¢tivitig$ Icontinugd) Analysis of support costs Advancing the welfare of young people 2024 Total funds 2024 Accommodation Subscriptions Non-recoverable VAT 4,500 331 21,413 13,7561 390 4.500 331 21,413 {3,756) 390 Legal Governance costs 22,878 22,878 Advancing the welfare of young people 2023 Total funds 2023 Accommodation Subscriptions Repairs and Maintenance Non-recoverable VAT Legal Governance costs 22,930 312 7,224 40,155 12,762 1, 100 22,930 312 1,224 40,755 12,762 1, 100 84,483 84,483 Independent Examinerfs remuneration 2024 2023 Fees payable to the charitys independent examiner for the independent examination and preparation of the charills annual accounts 1,440 I,ioo Page 13
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Trustg9s' rgmungration and oXPgn$e$ During the year, no Trustees received any remuneration or other benefits (2023- £NIL)- During the year, no Trustee expenses have been incurred (2023- £NIL). Investment property Freehold Investment property Valuation Al 6 April 2023 Additions 1,201.585 337,585 137,585) Revaluations Al 5 April 2024 1,501.585 The 2024 valuations were made by the trustees, on an open market value for existing use basis. The trustees have considered the market value of the property and assessed that a reduction in value was required. 10. Debtors 2024 2023 Due wlthln one year Prepayments 8nd accrued income 43,710 42,899 43,710 42,899 11. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 11,567 4,307 331,619 7,500 46,774 12 Other taxation and social security Other creditors Accruals and deferred income 69 10,833 354,993 57,688 Page 14
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 12. Statement of funds Statgmgnt of funds - current yoar Balancg at 6 April 2023 Transfgrs inlout Gainsl Balan¢9 at 5 (Losses) April 2024 Income Expenditure Unrestrlcted funds Designatgd funds Designated Funds- all funds 1.201.585 337.585 {37,5851 1,501.585 General funds General Funds- all funds 42.751 115.311 (99,1081 (337.585) {278.631) Total Unrestricted funds 1,244,336 115,311 (99,1081 {37,5851 1,222.954 Designated funds are funds held by the trustees as an investment property with the objective of generating an income stream for the charity. Page 15
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 12. Statement of funds Icontinugd) Statgmgnt of funds - prior year BalanGe at 6 April 2022 Transfers in/oul G8ins/ Balance al (Losses) 5 April 2023 Income Expenditure Unrestrlcted funds Designatgd funds Designated Funds- all funds 1,196,223 452,285 (446,923) 1,201,585 General funds General Funds- all funds 514,228 117,678 (130,810) f452.285) 42,751 Total Unrestricted funds 1, 710,451 111,618 {130,8f O) (446,923) 1.244,336 13. Analysis of ngt assgts betwogn funds Analysis of ngt assots bgtwggn funds - ¢urr9nt Pgriod Unrestricted funds 2024 Total funds 2024 Investment property Current assets 1,501,585 76,362 1354,993} 1,501,585 76.362 (354.993) Creditors due within one year Total 1,222,954 1,222,954 Page 16
KROPIFKO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 13. Analysis of not a$$ots bgtwggn funds lcontinugdl Analysis of not assots betW90n funds - prior period Unreslri¢ted funds 2023 Total funds 2023 Investment property Current assets Creditors due within one year 1,201,585 100,439 (57,688) 1,201,585 100,439 (57,688) Total 1,244,336 1,244,336 14. Related party transactions The trustees provide professional property management setvices through their company free of charge. This is included in the accounts as donated services and property management fees of £6,700 {2023'. £7,800). Al the year end, there is a balance of £275,972 owed lo Kropifko Properties Limited, a Company to which the Trustees are directors. which consists of construction costs paid on the charity's behalf. Al the year end. there is a balance of £55,647 owed to Proper Proper T Limited, a Company to which a Trustee is a director, which consists of construction costs paid on the charills behalf. Page 17