**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:
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
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
13 March 2025
Page 3
## **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.
Page 6
## **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|
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
Page 7
## **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|
|---|---|---|---|
|||||
|||||
Page 9
## **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).
Page 10