**REGISTERED CHARITY NUMBER: 1170446**
**THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
**THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
||**Page**||
|---|---|---|
|**Reference and Administrative Details**|1||
|**Report of the Trustees**|2 to|3|
|**Independent Examiner's Report**|4||
|**Statement of Financial Activities**|5||
|**Balance Sheet**|6||
|**Notes to the Financial Statements**|7 to|11|
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**TRUSTEES**|Mr B Ludmir|
|---|---|
||Mrs R Flam|
|**PRINCIPAL ADDRESS**|22 Ashtead Road|
||London|
||E5 9BH|
|**REGISTERED CHARITY**|1170446|
|**NUMBER**||
|**INDEPENDENT EXAMINER**|Sugarwhite Meyer Accountants Ltd|
||First Floor|
||94 Stamford Hill|
||London|
||N16 6XS|
|**BANKERS**|Lloyds Bank plc|
||Uttoxeter|
Page 1
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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).
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims for public benefit**
The objects of the charity are the prevention or relief of poverty or financial hardship by providing grants or loans to individuals in need and/or charities or other organisations working to prevent or relieve poverty or financial hardship, and to advance the Orthodox Jewish religion for the benefit of the public in accordance with the principles of the code of Jewish Law.
The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Income was in line with the previous year, although grantmaking was reduced leaving a surplus for the year. The charity's subsidiary continued to function satisfactory.
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £869,505 (2019 - £583,808), of which £268,773 (2019 - £62,003) were free reserves.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is constituted as a charitable incorporated organisation and is governed by its CIO Foundation dated 29 November 2016.
## **Organisational structure**
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
## **Risk management**
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 20 October 2021 and signed on its behalf by:
Mr B Ludmir - Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **Independent examiner's report to the trustees of The Hanover Trust (Charitable Incorporated Organisation)**
I report to the charity trustees on my examination of the accounts of The Hanover Trust (Charitable Incorporated Organisation) (the Trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the 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.
E Meyer FCA BSc Institute of Chartered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
20 October 2021
Page 4
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**2020**
**Unrestricted**
**fund**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
410,315
Investment income
2
12,500
**Total**
422,815
**EXPENDITURE ON**
**Charitable activities**
3
Charitable activities
137,118
**NET INCOME**
285,697
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
583,808
**TOTAL FUNDS CARRIED FORWARD**
869,505|**2019**
**Total**
**funds**
**£**
412,386
18,124|
|---|---|
||430,510
172,215|
||258,295
325,513|
||583,808|
The notes form part of these financial statements
Page 5
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **BALANCE SHEET 31 DECEMBER 2020**
|**Notes**
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
**TOTAL FUNDS**|**2020**
**Total**
**funds**
**£**
4,300
596,432
299,353
895,785
(30,580)
865,205
869,505
869,505
869,505
869,505|**2019**
**Total**
**funds**
**£**
4,300
517,505
85,963
603,468
(23,960)
579,508
583,808
583,808
583,808
583,808|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 October 2021 and were signed on its behalf by:
Mr B Ludmir - Trustee
The notes form part of these financial statements
Page 6
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **2. INVESTMENT INCOME**
|**2.**|**INVESTMENT INCOME**||||
|---|---|---|---|---|
||||**2020**|**2019**|
||||**£**|**£**|
||Interest receivable||12,500|18,124|
|**3.**|**CHARITABLE ACTIVITIES COSTS**||||
|||**Grant**|||
|||**funding of**|||
|||**activities**|**Support**||
|||**(see note**|**costs (see**||
|||**4)**|**note 5)**|**Totals**|
|||**£**|**£**|**£**|
||Charitable activities|134,286|2,832|137,118|
Page 7
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
|**4.**
**GRANTS PAYABLE**
Charitable activities
The total grants paid to institutions during the year was as follows:
Advancement of religion
Relief of poverty
General purpose
Medical
Advancement of education
Congregation Beis Medrash
Chevras Mooz Ladol
Congregation Tzvi Lezadik
Bais Chinich Lbnos Bayis Ruchel
Others under £6,000
The total grants paid to individuals during the year was as follows:
Relief of poverty
**5.**
**SUPPORT COSTS**
**Finance**
**Other**
**£**
**£**
Charitable activities
80
172
Support costs, included in the above, are as follows:
Bank charges
Sundries
Independent examiner's fee
Independent examiner's other fees
General expenses
Legal fees||**2020**
**£**
134,286
**2020**
**£**
74,898
35,451
-
1,496
17,781
129,626
49,900|**2019**
**£**
153,790
**2019**
**£**
83,875
59,070
80
161
10,604
153,790|**2019**
**£**
153,790
**2019**
**£**
83,875
59,070
80
161
10,604
153,790|
|---|---|---|---|---|
||||||
||||||
|||25,422|||
|||14,727|||
|||10,582|||
||||**2019**
**£**
-
**Totals**
**£**
2,832
**2019**
**Total**
**activities**
**£**
-
-
1,140
2,820
32
14,433
18,425||
||||||
||||||
||||||
||||||
Page 8
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **7. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2020 and
31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
The subsidiary is a Slovakian registered company.
**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**10.**
**MOVEMENT IN FUNDS**
**At 1.1.20**
**£**
**Unrestricted funds**
General fund
583,808
**TOTAL FUNDS**
583,808|**Shares in**
**group**
**undertakings**
**£**
4,300
4,300
4,300
**2020**
**2019**
**£**
**£**
596,432
517,505
**2020**
**2019**
**£**
**£**
30,580
23,960
**Net**
**movement**
**At**
**in funds**
**31.12.20**
**£**
**£**
285,697
869,505
285,697
869,505|
|---|---|
Page 9
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
422,815
422,815|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(137,118)
285,697
(137,118)
285,697|
|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1.1.19**
**£**
325,513
325,513|**Net**
**movement**
**in funds**
**£**
258,295
258,295|**At**
**31.12.19**
**£**
583,808|
|---|---|---|---|
||||583,808|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
430,510
430,510|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(172,215)
258,295
(172,215)
258,295|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1.1.19**
**£**
325,513
325,513|**Net**
**movement**
**in funds**
**£**
543,992
543,992|**At**
**31.12.20**
**£**
869,505|
|---|---|---|---|
||||869,505|
Page 10
## **THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
853,325
853,325|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(309,333)
543,992
(309,333)
543,992|
|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
Unrestricted donations of £412,386 were received from related companies. The charity made a loan to The Wellington London Trust a charity where a trustee is a close relative of the The Hanover Trust trustees. The loan carries interest at 1% per month. Interest received in the year was £12,700 (2019 - £6,750) and the outstanding balance at the year end was £85,000 (2019 - £135,000)
Brent Investments Ltd, a company in which a a director is close relative of the trustees, received a loan of £116,000..
Page 11