CHARITY REGISTRATION NUMBER: 210022
The Jewish Students Aid Trust Unaudited Financial Statements
5 April 2024
GROMAN & COMPANY
Chartered Accountants 5 Violet Hill St. John's Wood London NW8 9EB
The Jewish Students Aid Trust
Trustees' Annual Report (continued)
Year ended 5 April 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2024.
Reference and administrative details
Registered charity name The Jewish Students Aid Trust Charity registration number 210022 Principal office 5 Raeburn Close London NW11 6UG The Trustees A. H. Philipp Mrs. J. C. Weitzman Independent examiner AI Groman FCA 5 Violet Hill St. John's Wood London NW8 9EB
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established by a Trust Deed dated 16 August 1956. The Trust derives its income from the dividends and interest on the original endowment and subsequent gifts. Repayments from previous students are also used to increase overall level of grants.
OBJECTIVES AND ACTIVITIES FOR PUBLIC INTEREST
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The objects of the Trust are to help:
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Students not younger than 16 and not older than 30 years of age.
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School children not younger than 10 years of age.
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Jews in need of financial assistance are eligible.
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Recipients can be in the UK, Ireland, British Commonwealth as in 1956, Israel and France.
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The Jewish Students Aid Trust
Trustees' Annual Report (continued)
Year ended 5 April 2024
ACHIEVMENTS AND PERFORMANCE
The Trustees had met and consulted from time to time during the year and grants to a total of 31 students, including 3 undergraduates who were helped via a fund set up by Tony Goschalk, amounting to £61,000 in total had been approved and paid. This was slightly less than the previous years as a result of receiving less donations and repayments.
Gifts totalling £7,040 were received including £3,000 as mentioned above from the Mildred and Sidney Goschalk fund and from 6 former students ranging from £50 to £2000. This helps us to give out new grants..
£320 was received during the year from HMRC relating to Gift Aid and £415.500 will be due relating to this year
Repayments of £17,064 were received from 26 past recipients of grants,
There was an overall deficit for the year of £7,160, after taking into account Investment Management Charges of £4,121 but before changes in value of investments. This resulted from giving out more grants than ever before whilst receiving less donations and repayments than in previous years. The accounts are based on the market value for investments. Total market value of the investments at 31[st] March 2024 was £867,565. A further £28,434 was held at Barclays at the year end.
PUBLIC BENEFIT
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The trustees have been in contact with about 150 past recipients. The majority have written back to thank the charity for its help and indicated how the grants have helped them with their studies and later careers.
FINANCIAL REVIEW
The charity received a total of £57,961 of unrestricted income and expended £61,000 in unrestricted funds plus £4,121 of Portfolio Management fees, resulting in a deficit for the year of £7,160.
Investments are stated at market values in the Balance Sheet. There were overall gains (realised and unrealised) during the year of £24,184 based on the Investment Schedule from Adam & Co at 31 March 2024.
Adequate reserves are maintained to enable the charity to operate as a going concern for the foreseeable future. The allows the Trustees to respond to expected level of applications from students, including some emergency funding.
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The Jewish Students Aid Trust
Trustees' Annual Report (continued)
Year ended 5 April 2024
INVESTMENT POLICY
The trustees follow a policy of maximising the return on investments whilst using expected level of investment income (Dividends and Interest) to form the basis of funds distributed to students. Extra cash can be released whenever required to cover a higher level of grant making. Investments are managed by Adam & Co. in Edinburgh (A Cannacord Genuity Group Company) and subject to regular review, including on average 2 meetings a year with the Investment Manager. The Trustees have adopted a Total Return Accounting Policy.
There are no restrictions on the trust’s power to invest and the trustees have not adopted an ethical investment policy. The investment managers have been instructed to manage the portfolio on the basis on a suitable level on income generation together with growth possibilities, consistent with security and protection overall. Investment performance for the year was considered satisfactory.
The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to any major risk. In particular the trustees have delegated the management of their portfolio to a reputable firm of investment managers and subjected their performance to regular review
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and applications of resources of the charity for that period.
In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The trustees have reviewed their risk management and no substantial aspects were identified.
The trustees have no immediate plans to modify or radically change any of the objects, activities or policies described above.
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The Jewish Students Aid Trust
Trustees' Annual Report (continued)
Year ended 5 April 2024
Independent Examiner
A.I. Groman FCA of Groman & Company, Chartered Accountants, has been re-appointed as independent examiner for the ensuing year.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
A. H. Philipp Trustee
Mrs. J. C. Weitzman Trustee
Charity Secretary
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The Jewish Students Aid Trust
Independent Examiner's Report to the Trustees of The Jewish Students Aid Trust
Year ended 5 April 2024
I report to the trustees on my examination of the financial statements of The Jewish Students Aid Trust ('the charity') for the year ended 5 April 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 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 material 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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accounting records were not kept in respect of the charity as required by section 130 of the 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 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.
AI Groman FCA Independent Examiner
5 Violet Hill St. John's Wood London NW8 9EB
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The Jewish Students Aid Trust
Statement of Financial Activities
Year ended 5 April 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| funds Total funds | Total funds | |||
| Note | £ |
£ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 24,104 |
24,104 | 28,774 |
| Other income | 5 | 84,226 |
84,226 | 42,190 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Total income | 108,330 | 108,330 | 70,964 | |
| ================================ | ================================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 65,121 |
65,121 | 75,692 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Total expenditure | 65,121 | 65,121 | 75,692 | |
| ================================ | ================================ | ============================ | ||
| Net losses on investments | 8 | 26,185 |
26,185 | 63,301 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 17,024 | 17,024 | (68,029) | |
| ================================ | ================================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 878,974 | 878,974 | 947,003 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 895,998 | 895,998 | 878,974 | |
| ================================ | ================================ | ================================ |
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 8 to 11 form part of these financial statements.
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The Jewish Students Aid Trust
Statement of Financial Position
5 April 2024
| 5 | April 2024 | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 11 | 867,565 | 847,502 | |
| Current assets | ||||
| Cash at bank and in hand | 28,433 | 31,472 | ||
| ---------------------------- | ---------------------------- | |||
| Net current assets | 28,433 | 31,472 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 895,998 | 878,974 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 895,998 | 878,974 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 12 | 895,998 | 878,974 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
A. H. Philipp Trustee
Mrs. J. C. Weitzman Trustee
The notes on pages 8 to 11 form part of these financial statements.
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The Jewish Students Aid Trust
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Raeburn Close, London, NW11 6UG.
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, 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 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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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The Jewish Students Aid Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
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:
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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.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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The Jewish Students Aid Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
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.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gifts | ||||
| Gifts received | 7,040 | 7,040 | 9,332 | 9,332 |
| Grants | ||||
| Grants repaid | 17,064 | 17,064 | 19,442 | 19,442 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 24,104 | 24,104 | 28,774 | 28,774 | |
| ============================ | ============================ | ============================ | ============================ |
5. Other income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Dividends received | 33,857 | 33,857 | 34,147 | 34,147 | |
| Profit on sale of investment | 50,369 | 50,369 | 8,043 | 8,043 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 84,226 | 84,226 | 42,190 | 42,190 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 6. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable Activity | 61,000 | 61,000 | 71,500 | 71,500 | |
| Support costs | 4,121 | 4,121 | 4,192 | 4,192 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 65,121 | 65,121 | 75,692 | 75,692 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 7. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable Activity | 61,000 | 4,121 | 65,121 | 75,692 | |
| ============================ | ======================= | ============================ | ============================ | ||
| 8. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Realised and unrealised losses | (26,185) | (26,185) |
(63,301) | (63,301) | |
| ============================ | ============================ | ============================ | ============================ |
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The Jewish Students Aid Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
9. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2023 | 847,502 |
| Profit on sales | 50,369 |
| Management Fees | (4,121) |
| Unrealised losses | (26,185) |
| -------------------------------- | |
| At 5 April 2024 | 867,565 |
| ================================ | |
| Carrying amount | |
| At 5 April 2024 | 867,565 |
| ================================ | |
| At 5 April 2023 | 847,502 |
| ================================ |
All investments shown above are at valuation.
12. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 6 April | Gains and | At 5 April | |||
| 2023 | Income | Expenditure | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 878,974 | 108,330 | (65,121) | (26,185) | 895,998 |
| ================================ | ================================ | ============================ | ============================ | ================================ | |
| At 6 April | Gains and | At 5 April | |||
| 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 947,003 | 70,964 | (75,692) | (63,301) | 878,974 |
| ================================ | ============================ | ============================ | ============================ | ================================ |
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The Jewish Students Aid Trust
Management Information
Year ended 5 April 2024
The following pages do not form part of the financial statements.
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The Jewish Students Aid Trust
Notes to the Detailed Statement of Financial Activities
Year ended 5 April 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Gifts received | 7,040 | 9,332 |
| Grants repaid | 17,064 | 19,442 |
| ---------------------------- | ---------------------------- | |
| 24,104 | 28,774 | |
| ---------------------------- | ---------------------------- | |
| Other income | ||
| Dividends received | 33,857 | 34,147 |
| Profit on sale of investment | 50,369 | 8,043 |
| ---------------------------- | ---------------------------- | |
| 84,226 | 42,190 | |
| ---------------------------- | ---------------------------- | |
| -------------------------------- | ---------------------------- | |
| Total income | 108,330 | 70,964 |
| ================================ | ============================ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Grants | 61,000 | 71,500 |
| Management fees and charges | 4,121 | 4,192 |
| -------------------------------- | ---------------------------- | |
| 65,121 | 75,692 | |
| -------------------------------- | ---------------------------- | |
| ---------------------------- | ---------------------------- | |
| Total expenditure | 65,121 | 75,692 |
| ============================ | ============================ | |
| Net losses on investments | ||
| Realised and unrealised losses | (26,185) | (63,301) |
| ---------------------------- | ---------------------------- | |
| ---------------------------- | ---------------------------- | |
| Net income/(expenditure) | 17,024 | (68,029) |
| ============================ | ============================ |
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