**REGISTERED CHARITY NUMBER: 1170579**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **FOR**
## **TRACE CHARITABLE TRUST**
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
**TRACE CHARITABLE TRUST**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|9|
**TRACE CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023**
The trustees present their report with the financial statements of the charity for the year ended 5 April 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).
## **OBJECTIVES AND ACTIVITIES**
The objects and the aims of the charity are as follows:
1. For the public benefit (including but not limited to current and former employees of the Trace Group and their relatives excluding the Trustees and the Trustees relatives)
2. The prevention or relief of poverty
3. The relief of those in need, by reason of youth, age, sickness, poor health disability, unemployment or economic or social disadvantage
4. To advance the Jewish faith for the public benefit, by the provision of grants to Jewish organisations established for the advancement of religion, and in particular but not exclusively, Kol Nefesh Masorti Synagogue
5. Advancing education for the public benefit by the provision of tuition grants and awards for UK residents from economically deprived backgrounds so they can pursue higher education at UK universities
6. The advancement of any other charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine
## **FINANCIAL REVIEW**
The total amount of funds available at the year-end remained relatively constant at £1.106M (2022 £1.080M), the increase being as a result of expenditure being £26K less than income.
Income at £83k (2022 £98k) also remained relatively constant with the income coming from a donation of £25k and a Gift Aid reclaim of £17.5K coupled with investment income of £50k
Donations at £14k increased compared to 2022 ((£6.5k).
The 'Other' expenditure of £42k includes £40k of unrealised losses on investments, caused by a downturn in the financial markets.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The day-to-day governance of the charity is under the control of R J Wolfe, one of the trustees.
No donations are made without the prior approval of the other trustees.
Accounts are approved by all trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1170579
## **Principal address**
3 Rochester Terrace London NW1 9JN
## **Trustees**
R J Wolfe Dr G L Kaufmann J M Murphy
Page 1
**TRACE CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Independent Examiner** KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
`27/01/2025` Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. R J Wolfe - Trustee
Page 2
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TRACE CHARITABLE TRUST**
## **Independent examiner's report to the trustees of Trace Charitable Trust**
I report to the charity trustees on my examination of the accounts of Trace Charitable Trust (the Trust) for the year ended 5 April 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**
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.
Anthony Cowan FCA
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH `28/01/2025` Date: .............................................
Page 3
## **TRACE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023**
**----- Start of picture text -----**
2023 2022
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 42,500 70,000
Investment income 2 40,925 28,445
Total 83,425 98,445
EXPENDITURE ON
Charitable activities
Donations Paid 14,490 6,500
Other 42,547 1,139
Total 57,037 7,639
-
Net gains on investments 1,805
NET INCOME 26,388 92,611
RECONCILIATION OF FUNDS
Total funds brought forward 1,080,040 987,429
TOTAL FUNDS CARRIED FORWARD 1,106,428 1,080,040
**----- End of picture text -----**
The notes form part of these financial statements
Page 4
## **TRACE CHARITABLE TRUST**
## **BALANCE SHEET 5 APRIL 2023**
**----- Start of picture text -----**
2023 2022
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Investments 5 1,006,626 940,264
Cash at bank 101,482 139,776
1,108,108 1,080,040
CREDITORS
Amounts falling due within one year 6 (1,680) -
NET CURRENT ASSETS 1,106,428 1,080,040
TOTAL ASSETS LESS CURRENT LIABILITIES 1,106,428 1,080,040
NET ASSETS 1,106,428 1,080,040
FUNDS 7
Unrestricted funds 1,106,428 1,080,040
TOTAL FUNDS 1,106,428 1,080,040
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: `27/01/2025`
............................................. R J Wolfe - Trustee
The notes form part of these financial statements
Page 5
**TRACE CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 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.
## **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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|Dividends received
Interest on investment funds|**2023**
**£**
**40,858**
**67**
**40,925**|2022
£
28,445
-
28,445|
|---|---|---|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
continued...
Page 6
**TRACE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023**
**----- Start of picture text -----**
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 70,000
Investment income 28,445
Total 98,445
EXPENDITURE ON
Charitable activities
Donations Paid 6,500
Other 1,139
Total 7,639
Net gains on investments 1,805
NET INCOME 92,611
RECONCILIATION OF FUNDS
Total funds brought forward 987,429
TOTAL FUNDS CARRIED FORWARD 1,080,040
5. CURRENT ASSET INVESTMENTS
2023 2022
£ £
Listed investments 1,006,626 940,264
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other creditors 1,680 -
7. MOVEMENT IN FUNDS
Net
movement At
At 6.4.22 in funds 5.4.23
£ £ £
Unrestricted funds
General fund 1,080,040 26,388 1,106,428
TOTAL FUNDS 1,080,040 26,388 1,106,428
**----- End of picture text -----**
continued...
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**TRACE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023**
## **7. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
**83,425**
**TOTAL FUNDS**
**83,425**
**Comparatives for movement in funds**
At 6.4.21
£
**Unrestricted funds**
General fund
987,429
**TOTAL FUNDS**
987,429
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
98,445
(7,639)
**TOTAL FUNDS**
98,445
(7,639)
A current year 12 months and prior year 12 months combined position is as follows:
At 6.4.21
£
**Unrestricted funds**
General fund
987,429
**TOTAL FUNDS**
987,429|Resources
expended
£
**(57,037)**
**(57,037)**
Net
movement
in funds
£
92,611
92,611
Gains and
losses
£
1,805
1,805
Net
movement
in funds
£
118,999
118,999|Movement
in funds
£
**26,388**
**26,388**
At
5.4.22
£
1,080,040
1,080,040
Movement
in funds
£
92,611
92,611
At
5.4.23
£
1,106,428
1,106,428|
|---|---|---|
continued...
Page 8
**TRACE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023**
## **7. 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|Incoming
Resources
Gains and
resources
expended
losses
£
£
£
181,870
(64,676)
1,805|Movement
in funds
£
118,999|
|---|---|---|
|**TOTAL FUNDS**|181,870
(64,676)
1,805|118,999|
## **8. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5 April 2023.
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