**Charity registration number 1194654 (England and Wales)** ## **THE ORENSTEIN CHARITABLE TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MAY 2025** ## **THE ORENSTEIN CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr N Spitzer Mr J R Hull Mr A J Orenstein (Appointed 1 June 2025) **Charity registration** England and Wales 1194654 **Principal address** 6 Rose Garden Close Edgware HA87RF **Accountants** Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS ## **THE ORENSTEIN CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Accountants' report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 9| ## **THE ORENSTEIN CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 MAY 2025**_ The Trustees present their annual report and financial statements for the year ended 31 May 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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 principal objectives of the charity all of which are for the public benefit are: -the advancement of the Jewish faith and Jewish education; -the relief of general poverty and providing assistance to needy individuals; and -providing for the general welfare of the Jewish community. Each year the trustees review the charity's objectives and activities to ensure they continue to reflect the charity's aims. In carrying out this review the trustees have had due regard to the Charity Commissions general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit. The principal activities during the year were those of a charity working for the public benefit and included making investments and making charitable donations. Having paid due regard to guidance issued by the Charity Commission, the trustees have identified a number of charities which carry out activities with which they sympathise. Grants are given on application to the trustees by these or similar charities or by individuals who are judged to be deserving of charitable support. ## **Achievements and performance** The charity has begun to distribute funds to other charities and charitable causes during the year. ## **Financial review** During the year under review, the charity received donations of £5,400, this gave the charity resources of £2,795 after governance and other costs of £2,605. No distributions were made to other charities and institutions resulting in an increase of its opening funds of £2,795. It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. ## **Structure, governance and management** The Orenstein Charitable Trust is formed by constitution dated 02 June 2021 and is a charity (no. 1194654) registered with the Charity Commission. - 1 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2025**_ The Trustees who served during the year and up to the date of signature of the financial statements were: Mr N Spitzer Mr S L Orenstein (Resigned 1 June 2025) Mr J R Hull Mr A J Orenstein (Appointed 1 June 2025) All major decisions are taken collectively by the trustees. Any recruitment and appointment of new trustees would be in line with the constitution and with the consent of the existing trustees. The criteria set for a suitable candidate would be someone who is sensitive to the needs of the charity. In accordance with the constitution, the trustees have the power to invest in stocks, shares, investments and property in the UK as they see fit. The trustees have absolute discretion in determining the selection of investments for the charity. The Trustees' report was approved by the Board of Trustees. Mr N Spitzer **Trustee** 12 March 2026 - 2 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE ORENSTEIN CHARITABLE TRUST FOR THE YEAR ENDED 31 MAY 2025** In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Orenstein Charitable Trust for the year ended 31 May 2025, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation. This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 18 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of The Orenstein Charitable Trust and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Orenstein Charitable Trust and the charity's Trustees as a body, for our work or for this report. It is your duty to ensure that The Orenstein Charitable Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Orenstein Charitable Trust. You consider that The Orenstein Charitable Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report. We have not been instructed to carry out an audit or a review of the financial statements of The Orenstein Charitable Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. ## **Lopian Gross Barnett & Co** Chartered Accountants 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS 12 March 2026 - 3 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MAY 2025**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|5,400|2,100| |**Total income**||5,400|2,100| |**Expenditure on:**|||| |Charitable activities|**4**|2,605|2,681| |**Total expenditure**||2,605|2,681| |**Net income/(expenditure) and movement in funds**||2,795|(581)| |**Reconciliation of funds:**|||| |Fund balances at 1 June 2024||(4,859)|(4,278)| |**Fund balances at 31 May 2025**||(2,064)|(4,859)| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **BALANCE SHEET** ## _**AS AT 31 MAY 2025**_ |||**2025**||**2024**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Current assets**|||||| |Cash at bank and in hand||336||2,341|| |**Creditors: amounts falling due within**|**7**||||| |**one year**||(2,400)||(7,200)|| |**Net current liabilities**|||(2,064)||(4,859)| |**The funds of the Charity**|||||| |Unrestricted funds|**8**||(2,064)||(4,859)| ||||(2,064)||(4,859)| The financial statements were approved by the Trustees on 12 March 2026 Mr N Spitzer **Trustee** - 5 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MAY 2025**_ ## **1 Accounting policies** ## **Charity information** The Orenstein Charitable Trust is formed by constitution dated 01 June 2021 and is a charity (No. 1194654) that is registered with the Charities Commission. ## **1.1 Basis of preparation** The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, although the balance sheet has an overall negative position, the Trustees have a reasonable expectation that the Charity and connected companies have adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. ## **1.4 Income** Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - 7 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MAY 2025**_ |**3**|**Income from donations and legacies**|||| |---|---|---|---|---| |||**Unrestricted**||**Unrestricted**| |||**funds**||**funds**| |||**2025**||**2024**| |||**£**||**£**| ||Donations and gifts|5,400||2,100| |**4**|**Expenditure on charitable activities**|||| |||**2025**||**2024**| ||||**£**|**£**| ||**Direct costs**|||| ||Charitable expenditure|205||281| ||**Share of support and governance costs (see note 5)**|||| ||Governance|2,400||2,400| |||2,605||2,681| ||**Analysis by fund**|||| ||Unrestricted funds|2,605||2,681| |**5**|**Support costs allocated to activities**|||| |||**2025**||**2024**| ||||**£**|**£**| ||Governance costs|2,400||2,400| ||**Analysed between:**|||| ||Accountancy fees|2,400||2,400| |**6**|**Taxation**|||| The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **7 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Accruals and deferred income|2,400|7,200| - 8 - ## **THE ORENSTEIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2025**_ ## **8 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1 June**|**Incoming**|**Resources**|**At 31 May**| |---|---|---|---|---| ||**2024**|**resources**|**expended**|**2025**| ||**£**|**£**|**£**|**£**| |General funds|(4,859)|5,400|(2,605)|(2,064)| |**Previous year:**|**At 1 June**|**Incoming**|**Resources**|**At 31 May**| ||**2023**|**resources**|**expended**|**2024**| ||**£**|**£**|**£**|**£**| |General funds|(4,278)|2,100|(2,681)|(4,859)| - 9 -