REGISTERED CHARITY NUMBER: 1170446
THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 increased by almost 200% compared with the previous year and the trustees increased grantmaking accordingly. The charity continued to support its subsidiary which runs a Heritage Centre.
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 £1,069,204 (2022 - £1,002,871 of which £68,273 (2022 - £151,494) 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.
Approved by order of the board of trustees on 13 March 2025 and signed on its behalf by:
Mrs R Flam - Trustee
Page 2
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 2023.
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 member of the 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the 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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
13 March 2025
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THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities 3 Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 285,968 12,795 298,763 232,430 66,333 1,002,871 1,069,204 |
2022 Total funds £ 342,249 15,380 |
|---|---|---|
| 357,629 | ||
| 225,637 | ||
| 131,992 870,879 |
||
| 1,002,871 |
The notes form part of these financial statements
Page 4
THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
BALANCE SHEET 31 DECEMBER 2023
| 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 |
2023 Total funds £ 4,300 996,631 73,433 1,070,064 (5,160) 1,064,904 1,069,204 1,069,204 1,069,204 1,069,204 |
2022 Total funds £ 4,300 847,077 154,074 1,001,151 (2,580) 998,571 1,002,871 1,002,871 1,002,871 1,002,871 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 March 2025 and were signed on its behalf by:
Mrs R Flam - Trustee
The notes form part of these financial statements
Page 5
THE HANOVER TRUST
(CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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.
Subsidiary
The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provide by section 399(2A) of the Companies Act 2006 and the Charities Act 2011 not to prepare group accounts. The financial statements therefore present information about the company as an individual undertaking and not about its group.
Taxation
The charity is exempt from tax on its charitable activities.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Going concern
There are no material uncertainties about the charity's ability to continue.
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THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 2. INVESTMENT INCOME Interest receivable 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 4) £ Charitable activities 227,377 4. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Medical Advancement of education Congregation Beis Medrash Israel Itischer Temple Hatzola Trust Beis Chinuch Lebonos Bayis Ruchel Shir Chesed Beis Yisroel Tevini Ltd Beis Hatalmud Trust Others under £6,000 The total grants paid to individuals during the year was as follows: Relief of poverty |
2023 £ 12,795 Support costs (see note 5) £ 5,053 2023 £ 227,377 2023 £ 127,104 19,481 10,030 63,012 219,627 117,266 |
2022 £ 15,380 Totals £ 232,430 2022 £ 221,634 2022 £ 155,948 22,105 11,372 31,709 221,134 |
|
|---|---|---|---|
| 24,354 | |||
| 8,250 | |||
| 7,237 6,500 6,340 6,250 43,430 219,627 2023 £ 7,750 |
2022 £ 500 |
||
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THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
5. SUPPORT COSTS
| Finance £ Charitable activities 2,131 Support costs, included in the above, are as follows: Bank charges Sundries Independent examiner's fee Independent examiner's other fees General expenses Legal and professional fees |
Governance Other costs Totals £ £ £ 94 2,828 5,053 2023 2022 Charitable Total activities activities £ £ 2,131 585 94 88 1,140 1,140 1,440 1,440 248 - - 750 5,053 4,003 |
|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 and | |
| 31 December 2023 | 4,300 |
| NET BOOK VALUE | |
| At 31 December 2023 | 4,300 |
| At 31 December 2022 | 4,300 |
The subsidiary is a Slovakian registered company.
Page 8
THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 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 1.1.23 £ Unrestricted funds General fund 1,002,871 TOTAL FUNDS 1,002,871 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 298,763 TOTAL FUNDS 298,763 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 870,879 TOTAL FUNDS 870,879 |
2023 £ 996,631 2023 £ 5,160 Net movement in funds £ 66,333 66,333 Resources expended £ (232,430) (232,430) Net movement in funds £ 131,992 131,992 |
2022 £ 847,077 2022 £ 2,580 At 31.12.23 £ 1,069,204 1,069,204 Movement in funds £ 66,333 66,333 At 31.12.22 £ 1,002,871 1,002,871 |
|
|---|---|---|---|
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THE HANOVER TRUST (CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 357,629 357,629 |
Resources Movement expended in funds £ £ (225,637) 131,992 (225,637) 131,992 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 870,879 870,879 |
Net movement in funds £ 198,325 198,325 |
At 31.12.23 £ 1,069,204 |
|---|---|---|---|
| 1,069,204 |
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 £ 656,392 656,392 |
Resources Movement expended in funds £ £ (458,067) 198,325 (458,067) 198,325 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
Unrestricted donations of £236,000 (2022 - £308,000) were received from related companies. The amount due by the subsidiary at the balance sheet date was £872,762 (2022 - £721,253). A loan was made 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 charged in the year was £12,795 (2022 - £11,414) and the outstanding balance at the year end was £114,419 (2022 - £106,624).
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