COMPANY REGISTRATION NUMBER: 11370419 CHARITY REGISTRATION NUMBER: 1181106
Shaarei Tefillah Trust Limited Company Limited by Guarantee Unaudited Financial Statements
31 May 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 10 |
Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2021.
Reference and administrative details
Registered charity name Shaarei Tefillah Trust Limited Charity registration number 1181106 Company registration number 11370419 Principal office and registered Millenium Business Centre office Humber Road London NW2 6DW
The trustees
J B Z Erlich C Grunfeld E Pollak Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2021
Structure, governance and management
Shaarei Tefillah Trust Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 18 May 2018 as a company and the company number is 11370419. It was registered as a charity on 11 December 2018 with a charity number 1181106.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mr C Grunfeld on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2021
Objectives and activities
The objects of the charity are the advancement of the orthodox Jewish faith in particular but not exclusively by establishing, maintaining and managing a Synagogue in NW London to be known as Shaarei Tefillah as a place of worship, public prayer and religious study and by providing for the religious needs, spiritual education, pastoral needs and welfare of its members and of other members of the Jewish community.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations. The charity gives out grants in line with the above objects.
There were no grants paid to individuals during the year.
Grants made during the year to institutions are as detailed in the accounts.
The application of the funds by way of grants to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2021
Achievements and performance
The charity received £86,763 in donations and grants during the year and £28,172 was paid out in grants, Synagogue expenses and support costs. These payments were made in line with the stated objects of the charity and were mainly religious in nature.
The charity incurred governance costs comprising professional fees during the year.
There were no investments made during the year.
Grants over £1,000 made during the year are as detailed in the accounts.
The charity paid out various costs towards the purchase & refurbishment of the Synagogue that have been capitalised during the year.
There were no related party transactions in the reporting period.
There was an overall net income and net movement of funds for the year amounting to £58,591
Financial review
The trustees feel that the activity and surplus reflects the increasing profile and standing within the local community. The impact for future year's expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
Reserves policy
The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable and the new venture to purchase a building to house the Synagogue.
Coronavirus
The charity has not been materially affected by the coronavirus. The charity did receive a bounce back loan during the year that will be repaid over the coming years.
The free reserves, represented by the net current assets of the charity stand at £106,778, all of which are attributable to the unrestricted fund.
The trustees' annual report and the strategic report were approved on 23 February 2022 and signed on behalf of the board of trustees by:
C Grunfeld
Trustee
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Shaarei Tefillah Trust Limited
Year ended 31 May 2021
I report to the trustees on my examination of the financial statements of Shaarei Tefillah Trust Limited ('the charity') for the year ended 31 May 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Shaarei Tefillah Trust
Limited (continued)
Year ended 31 May 2021
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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
23 February 2022
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 May 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 86,763 | 86,763 | 29,483 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 86,763 | 86,763 | 29,483 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of other trading activities | 6 | – | – | 530 |
| Expenditure on charitable activities | 7,8 | 28,172 | 28,172 | 30,861 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 28,172 | 28,172 | 31,391 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 58,591 | 58,591 | (1,908) | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 212,743 | 212,743 | 214,651 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 271,334 | 271,334 | 212,743 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Statement of Financial Position
31 May 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 214,556 | 151,625 |
| Current assets | |||
| Debtors | 15 | 5 | – |
| Cash at bank and in hand | 107,493 | 61,838 | |
| -------------------------------- | ---------------------------- | ||
| 107,498 | 61,838 | ||
| Creditors: amounts falling due within one year | 16 | 720 | 720 |
| -------------------------------- | ---------------------------- | ||
| Net current assets | 106,778 | 61,118 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 321,334 | 212,743 | |
| Creditors: amounts falling due after more than one year | 17 | 50,000 | – |
| -------------------------------- | -------------------------------- | ||
| Net assets | 271,334 | 212,743 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Unrestricted funds | 271,334 | 212,743 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 18 | 271,334 | 212,743 |
| ================================ | ================================ |
For the year ending 31 May 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page.
The notes on pages 10 to 16 form part of these financial statements.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 May 2021
These financial statements were approved by the board of trustees and authorised for issue on 23 February 2022, and are signed on behalf of the board by:
C Grunfeld Trustee
The notes on pages 10 to 16 form part of these financial statements.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Millenium Business Centre, Humber Road, London, NW2 6DW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Shaarei Tefillah Trust Limited is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 86,763 | 86,763 | 29,483 | 29,483 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 6. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Fundraising activities | – | – | 530 | 530 | |
| ============== | ============== | ============== | ============== |
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | 2021 |
Funds | 2020 | |||
| £ | £ | £ | £ | |||
| Charitable grants | 26,696 | 26,696 |
30,142 | 30,142 | ||
| Support costs | 1,476 | 1,476 |
719 | 719 | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |||
| 28,172 | 28,172 |
30,861 | 30,861 | |||
| ============================ | ============================ | ============================ | ============================ | |||
| 8. | Expenditure on charitable activities | by activity type | ||||
| Activities | ||||||
| undertaken | Grant funding |
Support |
Total funds | Total fund | ||
| directly | of activities |
costs |
2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Charitable grants | 26,196 | 500 |
757 |
27,453 | 30,142 | |
| Governance costs | – | – |
719 |
719 | 719 | |
| ---------------------------- | -------------- |
----------------------- | ---------------------------- | ---------------------------- | ||
| 26,196 | 500 |
1,476 |
28,172 | 30,861 | ||
| ============================ | ============== | ======================= | ============================ | ============================ | ||
| 9. | Analysis of support costs | |||||
| Analysis of | ||||||
| support costs | Total 2021 | Total 2020 | ||||
| £ | £ | £ | ||||
| General office | 757 | 757 | – | |||
| Governance costs | 719 | 719 | 720 | |||
| ----------------------- | ----------------------- | -------------- | ||||
| 1,476 | 1,476 | 720 | ||||
| ======================= | ======================= | ============== | ||||
| 10. | Analysis of grants | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Grants to institutions | ||||||
| Keren Hatzolas Doros | – | 2,060 | ||||
| Grants under £1,000 | 500 | 715 | ||||
| -------------- | ----------------------- | |||||
| 500 | 2,775 | |||||
| -------------- | ----------------------- | |||||
| Total grants | 500 | 2,775 | ||||
| ============== | ======================= | |||||
| 11. | Independent examination fees | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Fees payable to the independent examiner for: | ||||||
| Independent examination | of the financial statements | 720 | 720 | |||
| ============== | ============== |
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
12. Staff costs
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
| Freehold | |
|---|---|
| property | |
| £ | |
| Cost | |
| At 1 June 2020 | 151,625 |
| Additions | 62,931 |
| -------------------------------- | |
| At 31 May 2021 | 214,556 |
| ================================ | |
| Depreciation | |
| At 1 June 2020 and 31 May 2021 | – |
| ================================ | |
| Carrying amount | |
| At 31 May 2021 | 214,556 |
| ================================ | |
| At 31 May 2020 | 151,625 |
| ================================ |
Freehold property represents payments made towards the purchase of a building that will be used as a Synagogue.
15. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 5 | – | |
| ============== | ============== | ||
| 16. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 720 | 720 | |
| ============== | ============== | ||
| 17. | Creditors: amounts falling due after more than one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other creditors | 50,000 | – | |
| ============================ | ============== |
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Shaarei Tefillah Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2021
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 01 | At 31 | |||
| Jun 2020 | Income | Expenditure | May 2021 | |
| £ | £ | £ | £ | |
| General funds | 212,743 | 86,763 | (28,172) | 271,334 |
| ================================ | ============================ | ============================ | ================================ | |
| At 01 | At 31 | |||
| Jun 2019 | Income | Expenditure | May 2020 | |
| £ | £ | £ | £ | |
| General funds | 214,651 | 29,483 | (31,391) | 212,743 |
| ================================ | ============================ | ============================ | ================================ |
19. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 214,556 | 214,556 |
| Current assets | 107,498 | 107,498 |
| Creditors less than 1 year | (720) | (720) |
| Creditors greater than 1 year | (50,000) | (50,000) |
| -------------------------------- | -------------------------------- | |
| Net assets | 271,334 | 271,334 |
| ================================ | ================================ | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Tangible fixed assets | 151,625 | 151,625 |
| Current assets | 61,838 | 61,838 |
| Creditors less than 1 year | (720) | (720) |
| Creditors greater than 1 year | – | – |
| -------------------------------- | -------------------------------- | |
| Net assets | 212,743 | 212,743 |
| ================================ | ================================ |
20. Taxation
Shaarei Tefillah Trust Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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