Charity registration number 1195747
J & M SCHWAB CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
J & M SCHWAB CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees J Schwab M Schwab Charity number 1195747 Registered office 17 Gresham Gardens London NW11 8NX Independent examiner Jeffrey Zinkin FCA F M C B Chartered Accountants Hathaway House Popes Drive Finchley London N3 1QF Bankers NatWest Bank 250 Bishopsgate London EC2M 4AA
J & M SCHWAB CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 10 |
J & M SCHWAB CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 Declaration of Trust dated 14 February 2021, 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 charity's objects are the advancement of education, the advancement of health and for such other purposes as are charitable according to the law of England & Wales as the trustees shall from time to time think fit.
The charity achieves its objectives principally by collecting voluntary donations and using them to pay grants.
The charity aims to maximise the donations it receives thereby increasing the number of grants it can pay. Donations are paid as grants as they are received.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
The charity has continued making grants in accordance with its objectives and activities. The trustees are satisfied with the activities of the charity and the amount paid in grants.
In the year the charity made 75 grants (2023: 61) amounting to £60,101 (2023: £31,459).
Financial review
Total incoming resources during the year amounted to £60,000 (2023: £60,000) which is attributable to donations received.
Total resources expended in the year amounted to £61,001 (2023: £32,509) of which £60,101 (2023: £31,459) were
grants.
At 31 March 2024 the charity had current assets of £83,390 (2023: £84,391) and creditors falling due within one year of £900 (2023: £900) giving net current assets of £82,490 (2023: £83,491), the amount of the charity's reserves.
Reserves policy
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.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The principal risk identified is a fall in donations which may prevent the charity from carrying on its activities.
Plans for future periods
The trustees aim to maintain and develop the activities of the charity by ensuring that it is adequately funded and that those funds are applied towards the objectives and activities of the charity.
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J & M SCHWAB CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
The charity is registered with the Charity Commission in England and Wales (registered number 1195747). The governing document of the charity is its Declaration of Trust dated 14 February 2021.
The trustees who served during the year and up to the date of signature of the financial statements were:
J Schwab M Schwab
Recruitment and appointment of trustees
The charity is managed exclusively by its trustees and the total number of trustees cannot exceed five. The trustees shall hold two ordinary meetings each year and any other meetings shall take place at their discretion. Decisions are decided by majority vote. The trustees have the power to appoint new trustees. They are appointed on the basis of the skill and experience that they can bring to the management of the charity.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The charity operates purely on a voluntary basis.
The trustees periodically evaluate possible training requirements to best suit the charity's objectives.
Organisational structure
M Schwab is responsible for the day to day management of the charity.
The trustees' report was approved by the Board of Trustees.
..............................
M Schwab Trustee
Date: .............................................
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J & M SCHWAB CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF J & M SCHWAB CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of J & M Schwab Charitable Trust (the charity) for the year ended 31 March 2024.
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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Jeffrey Zinkin FCA
F M C B Chartered Accountants Hathaway House Popes Drive Finchley London N3 1QF
Dated: .........................
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J & M SCHWAB CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 60,000 | 60,000 |
| Total income | 60,000 | 60,000 | |
| Expenditure on: | |||
| Charitable activities | 3 | 61,001 | 32,509 |
| Net income/(expenditure) and movement in funds | (1,001) | 27,491 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 83,491 | 56,000 | |
| Fund balances at 31 March 2024 | 82,490 | 83,491 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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J & M SCHWAB CHARITABLE TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| 2024 Notes £ Current assets Cash at bank and in hand 83,390 Creditors: amounts falling due within one year 9 (900) Net current assets The funds of the charity Unrestricted funds 10 The financial statements were approved by the trustees on ......................... .............................. .............................. J Schwab M Schwab Trustee Trustee |
£ 82,490 82,490 82,490 |
2023 £ 84,391 (900) |
£ 83,491 |
|---|---|---|---|
| 83,491 | |||
| 83,491 | |||
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J & M SCHWAB CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Notes £ Cash flows from operating activities Cash (absorbed by)/generated from operations 12 Net cash used in investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ £ (1,001) - - (1,001) 84,391 83,390 |
£ 27,641 - - |
|---|---|---|
| 27,641 56,750 |
||
| 84,391 |
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J & M SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
J & M Schwab Charitable Trust is a registered as a charity with the Charity Commission in England and Wales. The principal office address is 17 Gresham Gardens, London NW11 8NX.
1.1 Accounting convention
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has 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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Grants are recognised in the accounts once they have been paid.
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J & M SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
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.
2 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 60,000 | 60,000 | |
| 3 | Expenditure on charitable activities | ||
| Grants | Grants | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 4) | 60,101 | 31,459 | |
| Share of support and governance costs (see note 5) | |||
| Governance | 900 | 1,050 | |
| 61,001 | 32,509 | ||
| Analysis by fund | |||
| Unrestricted funds | 61,001 | 32,509 |
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J & M SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
4 Grants payable
| Grants to institutions: Ezras Hokohol Trust North London Welfare Foundation MGS Charitable Trust Pardes Yad Eliezer Trust Friends of Mir Torah Temima Yeshivas Mir Yerushalayim Menorah Primary School After School Bonei Olam Other Mechinah Golders Green Manchester Yeshiva - 5 Support costs allocated to activities Accountancy fees Analysed between: Grants |
Grants 2024 £ 500 11,000 14,905 2,000 1,500 - 1,000 - 3,050 - - 15,266 7,880 3,000 60,101 2024 £ 900 900 900 |
Grants 2023 £ 7,500 4,400 2,000 2,000 1,500 1,500 1,250 1,000 1,000 1,000 1,000 7,309 - - |
|---|---|---|
| 31,459 | ||
| 2023 £ 1,050 |
||
| 1,050 | ||
| 1,050 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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J & M SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 900 | 900 |
10 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 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ General funds 83,491 60,000 (61,001) 82,490 Previous year: At 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ General funds 56,000 60,000 (32,509) 83,491 11 Related party transactions There were no disclosable related party transactions during the year. 12 Cash generated from operations 2024 2023 £ £ (Deficit)/surpus for the year (1,001) 27,491 Movements in working capital: (Decrease)/increase in creditors - 150 Cash (absorbed by)/generated from operations (1,001) 27,641 |
1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 83,491 60,000 (61,001) 82,490 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 56,000 60,000 (32,509) 83,491 |
1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 83,491 60,000 (61,001) 82,490 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 56,000 60,000 (32,509) 83,491 |
1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 83,491 60,000 (61,001) 82,490 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 56,000 60,000 (32,509) 83,491 |
1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 83,491 60,000 (61,001) 82,490 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 56,000 60,000 (32,509) 83,491 |
|---|---|---|---|---|
| 2024 £ (1,001) - (1,001) |
2023 £ 27,491 150 |
|||
| 27,641 |
13 Analysis of changes in net funds
The charity had no material debt during the year.
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