DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY REGISTRATION NUMBER: 1193327
CHARITY EXTRA CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2023
COHEN ARNOLD
Independent Examiner New Burlington House 1075 Finchley Road London NW11 0PU
DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| PAGES | |
|---|---|
| Trustees' Annual Report | 1 to 2 |
| Independent Examiner's Report to the Trustees | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 10 |
DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2023
The trustees present their report and the unaudited financial statements of the Charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Charity Extra Charitable Trust Charity registration number 1193327 Principal office Sutherland House 70-78 West Hendon Broadway London NW9 7BT
THE TRUSTEES Mr D Bude Mr E Perlstein Mr D P Rabson
INDEPENDENT EXAMINER Mr Barry Leigh FCA
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation Charitable Incorporated Organisation was established by its Constitution dated 29 January 2021 and is registered with the Charity Commission (Registration no. 1193327).
The Trustees administer the day-to-day affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures.
OBJECTIVES AND ACTIVITIES
The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of those objects. The Charity receives income mainly from charitable receipts which it utilises in the provision and distribution of grants and donations.
The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENTS AND PERFORMANCE
During the period, the Charity continued its activities in support of religious, educational and other charitable institutions serving the wider public in a manner which accords with the aims and objectives of the Charity. Aggregate donations of £129,141 were paid in the period to 31 March 2023.
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
INVESTMENT POWERS & POLICY
Under the Constitution, the Charity has the power to make any investment which the Trustees see fit. The trustees regularly review the Charity's position and needs in respect of the investment policy.
The Charity at present does not seek to make further investments as all funds are required to be available in order for the Charity to continue its above described activities.
FINANCIAL REVIEW
The financial results of the Charity's activities for the period ended 31 March 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.
Notwithstanding the deficiency in net current assets, the trustees have concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future as the Charity received donations post year end.
Reserve policy
It is the policy of the Charity to maintain unrestricted funds, which include the free reserves of the Charity, at a level which the Trustees think appropriate after considering the future commitments of the Charity and the likely costs of the Charity for the next year. The Trustees have not undertaken any formal charitable commitments and consider that the Charity will generate sufficient income from donations to fund its ongoing activities.
As at 31 March 2023 the Charity has a slight deficiency in total funds and free reserves as stated in its financial statements, however post year end, further donations were received by the Charity. The Trustees are satisfied that further donations will continue to be received enabling them to continue with their charitable work into the future.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the Charity is exposed, in particular those to the operations and finances of the Charity, and are satisfied with the systems in place to mitigate its exposure to those risks.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
The trustees' annual report was approved on 26 January 2024 and signed on behalf of the board of trustees by:
Mr D Bude Trustee
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHARITY EXTRA CHARITABLE TRUST
YEAR ENDED 31 MARCH 2023
I report to the trustees on my examination of the financial statements of Charity Extra Charitable Trust ('the Charity') for the year ended 31 March 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 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).
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 Barry Leigh FCA Independent Examiner
Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW11 0PU
26 January 2024
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2023
| Period from | |||||
|---|---|---|---|---|---|
| 29 Jan 21 to | |||||
| Year to 31 | Mar 23 | 31 Mar 22 | |||
| Unrestricted | |||||
| funds | Total funds | Total funds | |||
| Note | £ | £ | £ | ||
| Income and endowments | |||||
| Donations and legacies | 4 | 129,500 | 129,500 | 406,500 | |
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| Total income | 129,500 | 129,500 | 406,500 | ||
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| Expenditure | |||||
| Expenditure on charitable activities | 5,6 | (131,561) | (131,561) | (409,438) | |
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| Total expenditure | (131,561) | (131,561) | (409,438) | ||
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| Net expenditure and net movement in funds | (2,061) | (2,061) | (2,938) | ||
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| Reconciliation of funds | |||||
| Total funds brought forward | (2,938) | (2,938) | – | ||
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| Total funds carried forward | (4,999) |
(4,999) |
(2,938) |
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 6 to 10 form part of these financial statements.
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 377 | 38 | |||
| CREDITORS: amounts falling due | |||||
| within one year | 12 | (5,376) | (2,976) | ||
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| NET CURRENT LIABILITIES | (4,999) | (2,938) | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | (4,999) | (2,938) | |||
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| NET LIABILITIES | (4,999) | (2,938) | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | (4,999) | (2,938) | |||
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| Total charity funds | 13 | (4,999) |
(2,938) |
These financial statements were approved by the board of trustees and authorised for issue on 26 Jan 24, and are signed on behalf of the board by:
Mr D Bude Trustee
The notes on pages 6 to 10 form part of these financial statements.
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The Charity is a public benefit entity and a registered charity in England and Wales and is a Foundation Charitable Incorporated Organisation. The address of the principal office is Sutherland House, 70-78 West Hendon Broadway, London, NW9 7BT.
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 Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
There are no judgements made by the trustees in the application of these accounting policies that have significant effect on the financial statements nor any estimates with a significant risk of material adjustment in the next year.
Going concern
Notwithstanding the deficiency in net current assets, the trustees have concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future as the Charity received donations post year end.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Incoming resources
All income is 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.
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. 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 to charitable activities.
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
3. ACCOUNTING POLICIES (continued)
Resources expended (continued)
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 apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Grants payable
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remains in the control of the Charity.
Support costs
Support costs are those costs which are common to all areas of the organisation.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations received | 129,500 | 129,500 | 406,500 | 406,500 |
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5. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable donations | 129,141 | 129,141 | 406,462 | 406,462 |
| Support costs | 2,420 | 2,420 | 2,976 | 2,976 |
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| 131,561 | 131,561 | 409,438 | 409,438 | |
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
| YEAR ENDED 31 MARCH 2023 | YEAR ENDED 31 MARCH 2023 | YEAR ENDED 31 MARCH 2023 | YEAR ENDED 31 MARCH 2023 | ||
|---|---|---|---|---|---|
| 6. | EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Grant funding | Total funds | Total fund | |||
| of activities Support costs | 2023 | 2022 | |||
| £ | £ | £ | £ | ||
| Charitable donations | 129,141 | – | 129,141 | 406,462 | |
| Governance costs | – | 2,420 | 2,420 | 2,976 | |
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| 129,141 | 2,420 | 131,561 | 409,438 | ||
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| 7. | ANALYSIS OF SUPPORT COSTS | ||||
| Charitable | |||||
| donations | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Governance costs | 2,420 | 2,420 | 2,976 | ||
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| 8. | ANALYSIS OF GRANTS | ||||
| Period from | |||||
| Year to | 29 Jan 21 to | ||||
| 31 Mar 23 | 31 Mar 22 | ||||
| £ | £ | ||||
| GRANTS TO INSTITUTIONS | |||||
| Charitable donations | 129,141 | 406,462 | |||
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| Total grants | 129,141 |
406,462 |
All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the alleviation of poverty.
The composition of donations is shown below.
| The composition of donations is shown below. | |
|---|---|
| 2023 | |
| £ | |
| Friends of Mercaz Hatorah Belz Macnivka | 32,000 |
| Achisomoch Aid Company Limited | 19,300 |
| Chevras Mo'oz Ladol | 13,000 |
| One Heart Lev Echod | 12,500 |
| Mechinah Golders Green Limited | 9,500 |
| Mifal Hachesed Vehatzedokoh | 9,000 |
| Friends of Beis Soroh Schneirer | 9,000 |
| Beis Hamedrash Nishmas Yisroel Limited | 7,000 |
| Tchabe Kollel Limited | 5,500 |
| Other donations less than £5,000 | 12,341 |
|
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| 129,141 | |
|
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
9. INDEPENDENT EXAMINATION FEES
| INDEPENDENT EXAMINATION FEES | ||
|---|---|---|
| Period from | ||
| Year to | 29 Jan 21 to | |
| 31 Mar 23 | 31 Mar 22 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,400 | 2,976 |
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10. STAFF NUMBERS
The average head count of employees during the year was nil (2022: nil).
11. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
12. CREDITORS: amounts falling due within one year
| 2023 | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Accruals and deferred income | 5,376 | 2,976 | ||||
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| ANALYSIS OF CHARITABLE | FUNDS | |||||
| Unrestricted funds | ||||||
| At | At | |||||
| 1 April 2022 | Income | Expenditure | 31 March 2023 | |||
| £ | £ | £ | £ | |||
| General funds | (2,938) | 129,500 | (131,561) | (4,999) | ||
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| At | At | |||||
| 29 January | 2021 | Income | Expenditure | 31 March 2022 | ||
| £ | £ | £ | £ | |||
| General funds | – | 406,500 | (409,438) | (2,938) | ||
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| 13. | ANALYSIS OF CHARITABLE FUNDS Unrestricted funds |
|---|---|
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DocuSign Envelope ID: D43DE940-EAC1-4308-97A6-F796642B10B1
CHARITY EXTRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Current assets | 377 | 377 |
| Creditors less than 1 year | (5,376) | (5,376) |
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| Net liabilities | (4,999) | (4,999) |
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| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Current assets | 38 | 38 |
| Creditors less than 1 year | (2,976) | (2,976) |
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| Net liabilities | (2,938) | (2,938) |
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15. RELATED PARTIES
The Charity received its donations from Giving More Online Limited; certain Trustees of the Charity are Directors of the donor company.
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