**Charity registration number 249130**
## **BERNARD KAHN CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **BERNARD KAHN CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr Y Z Kahn Mrs M Kahn Mr M Shaya (Appointed 19 November 2023)
**Charity number** 249130 **Principal address** 24 Elmcroft Avenue Golders Green London NW11 0RR **Independent examiner** Paul Newton FCA 5 Robin Hood Lane Sutton Surrey SM1 2SW
## **BERNARD KAHN CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1|
|Independent examiner's report|2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 10|
BERNARD KAHN CHARITABLE TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual reptht and financial stateents forthe year ended 5 April 2022.
The financial statements have been prepared in ac£ordance the accounting poliaes set out in note 1 to the
finanal stat8ments and ¢ornply with the Charity's Trust Deed. the Charities Act 2011 and "Accounting and
ReporUng by Chartties.. Ststement of Recommended Practi applicable to chartbe5 prèparing th$ir accounts in
accordance wth the F
Inancial Reporbng Standard applicablè in the UK and Republic of Ireland IFRS 1021.
(effective 1 January 2019).
Objectives and activltl•s
Thg principal objects of the Twst are the le11 of povety and the advanment of edUtion and religion wthln the
Jewsh community.
We havé referred to the guldanc6 containèd in the Charity Gommission's general guidancé on public benèfit when
reviewng our aims and objectives and in planning our fvlur6 activitiès. In particular, the trustees consider how
planned activthes will ntribUte to thè aims and objective5 they have set
Achievements and perfornianca
The charity rn81 its objecuves in the year by maknng grants to various Jewsh or9anisations and Individuals as
detalled In the accounts. The trustees conslderthat the perfomiance of the (*arity this year has been satisfactory.
Financial review
It is the policy of the charity to maintain unrestrictèd fvnds at a levei which the tnjslees consider is sufficient lo
generate a regular income for thè distributi¢)ns made on an annual basis to eharities which are reliant on grants from
the trustees.
The trustees are authorised under the Trust Deed lo invest in such assets as Ihey see fit. The charFty has a policy of
k8eping any surplus liquid knnds in low risk deposit acixTrunts and investment properties which arè not sublect to the
volatilty 8xperienGed in Other sectOf3 such as equiti8S.
It Is the intention of the tnjstees to continue thsse forthe foreseeabfe future.
The Trustees have assessed the major risks to which the Chartty is exposed. and are satisfied that systems are in
placè lo mitigatè exposure to the major risks. The k8y risk is the securTty of the investmgnts. which the trustees
monitor on a regular basis and apply the policy described above.
structure. governance and manag6m8nt
The Charity is governed by the Trust Deed dated 2 April 1965. The Trust Deed authorises the trustees to make and
hold investrnents usiru the general funds of the Charity.
The Trustees who served durin9 the year and up lo the date of signature of the finan(xal statements were..
MrYZKahn
Mrs M Kahn
Mr M Shaya
{Appointed 19 November 2023)
Appointment of trustees is governed by the Trust Oeed of the tharity. The continuing trust are authorised to
appoint new trJste8S to fill varancies arising through thè restrgnation or death of an e$ting trustee.
The Trustees. reportwas appft)ved by the Board of Trustees.
rYZK8hn
Tru$lee
5 February 2024
## **BERNARD KAHN CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF BERNARD KAHN CHARITABLE TRUST**
I report to the Trustees on my examination of the financial statements of Bernard Kahn Charitable Trust (the Charity) for the year ended 5 April 2022.
## **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**
- 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: 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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.
## **Paul Newton FCA**
Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW
Dated: 5 February 2024
- 2 -
## **BERNARD KAHN CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2022**|**2021**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|**45,000**|25,000|
|Investments|**4**|**47,341**|45,330|
|**Total income**||**92,341**|70,330|
|**Expenditure on:**||||
|Raising funds||||
|Investment property running costs|**5**|**15,426**|19,335|
|Investment property management costs|**5**|**13,515**|13,571|
|||**28,941**|32,906|
|Charitable activities||||
|Grants paid in support of the Jewish community|**7**|**57,441**|30,652|
|Administrative costs|**7**|**2,751**|2,550|
|**Total charitable expenditure**||**60,192**|33,202|
|||||
|**Total expenditure**||**89,133**|66,108|
|**Net income and movement in funds**||**3,208**|4,222|
|**Reconciliation of funds:**||||
|Fund balances at 6 April 2021||**618,016**|613,794|
|**Fund balances at 5 April 2022**||**621,224**|618,016|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 3 -
BERNARD KAHN CHARITABLE TRUST
BALANCE SHEET
ASAT5APRIL 2022
2022
2021
Fixed assets
Investment property
12
1,031,135
f,031,135
Currenl assets
C8sh at bank and in hand
18,603
17,796
Creditors: amounts falling due within
one year
15
70,724
7.3,028
Net current liabilities
(52.1211
155,2321
Total ass•ts less current liabilities
979.014
975.903
reditors: amounts falllng due after
more than one year
16
1357.7901
(357.8871
Nèt assots
621.224
618,016
The funds ofthe Chadty
Unrestricted funds
621.224
618,016
621.224
618,016
Th8 flnanclal statements were approved by Ihe Truslees on 5 February 2024
YZKahn
Trustee
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **Charity information**
The Charity is a trust governed by its Trust Deed dated 2 April 1965.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's Trust Deed, 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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 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.
## **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.
Rent is accounted for on a receivable basis.
## **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.
Grants payable are charged in the year when the offer is conveyed to the recipient, except where an offer is conditional. These are recognised when the conditions are fulfilled. Conditional grants outstanding are noted as a commitment at the year end, but not accrued as expenditure.
All other expenditure is recognised in the period to which it relates.
- 5 -
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.7 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 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.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Donations and gifts|**45,000**|25,000|
|**Income from investments**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Rental income|**47,340**|45,326|
|Interest receivable|**1**|4|
||**47,341**|45,330|
## **4 Income from investments**
- 6 -
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **5 Raising funds**
|**Raising funds**|||
|---|---|---|
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Investment property running costs|||
|General repairs and maintenance|**2,173**|**4,457**|
|Ground rent|**1,400**|**2,500**|
|Insurance|**1,681**|**2,166**|
|Managing agent fees|**5,341**|**4,062**|
|Service charges|**4,831**|**6,150**|
|Investment property running costs|**15,426**|**19,335**|
|Investment property management costs|||
|Mortgage interest|**13,515**|**13,571**|
||**28,941**|**32,906**|
## **6 Expenditure on charitable activities**
|**Grants paid**
**in support**
**of the**
**Jewish**
**community**
**Administrati**
**ve costs**
**2022**
**2022**
**£**
**£**
**Direct costs**
Accounting
**-**
**2,724**
Bank charges
**-**
**27**
**-**
**2,751**
Grant funding of activities
(see note 7)
**57,441**
**-**
**57,441**
**2,751**
**Analysis by fund**
Unrestricted funds
**57,441**
**2,751**|**Total**
**Grants paid**
**in support**
**of the**
**Jewish**
**community**
**Administrati**
**ve costs**
**2022**
**2021**
**2021**
**£**
**£**
**£**
**2,724**
-
2,532
**27**
-
18
**2,751**
-
2,550
**57,441**
30,652
-
**60,192**
30,652
2,550
**60,192**
30,652
2,550|**Total**
**2021**
**£**
2,532
18|
|---|---|---|
|||2,550
30,652|
|||33,202|
|||33,202|
- 7 -
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **7 Grants payable**
|Grants to institutions:
Chaims Books
Friends of Eidah Chareidis Orthodox Council of Jerusalem
Chomesh L'Chinuch
Marbeh Torah Trust
Friends of Be'er Miriam
Friends of KH
Golders Green Beth Hamedrash
Gosden House School PTA
Tikva UK|**2022**
**£**
**-**
**20,000**
**2,500**
**10,000**
**10,000**
**1,000**
**8,891**
**50**
**5,000**
**57,441**|**2021**
**£**
1,652
20,000
-
-
-
-
9,000
-
-|
|---|---|---|
|||30,652|
## **8 Administrative costs**
Administrative costs includes payments to the independent examiners of £2,724 (2021- £2,532) for independent examination fees, including VAT.
## **9 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or were reimbursed expenses during the year.
## **10 Employees**
There were no employees during the year.
There were no employees whose annual remuneration was £60,000 or more.
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **12 Investment property**
|**Investment property**||
|---|---|
||**2022**|
||**£**|
|**Fair value**||
|At 6 April 2021 and 5 April 2022|**1,031,135**|
Investment property comprises four flats. The fair value of the investment property has been arrived at on the basis of market information available to the trustees for similar properties. There was no indication that the market value of the properties had changed as at the balance sheet date.
- 8 -
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **13 Fixed asset investments**
||**Unlisted**|
|---|---|
||**investments**|
||**£**|
|**Fair value**||
|At 6 April 2021 & 5 April 2022|**1**|
|**Impairment**||
|At 6 April 2021 & 5 April 2022|**1**|
|**Carrying amount**||
|At 05 April 2022|**-**|
|At 05 April 2021|**-**|
## **14 Subsidiaries**
These financial statements are not consolidated because the dormant subsidiary is immaterial.
Details of the Charity's subsidiaries at 5 April 2022 are as follows:
|**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|
|---|---|---|---|---|
||**office**||**shares held**|**Direct Indirect**|
|Beack Investments Ltd|England|Dormant|Ordinary|100.00|
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
|**Name of undertaking**|**Profit/(Loss)**|**Capital and**|
|---|---|---|
|||**Reserves**|
||**£**|**£**|
|Beack Investments Ltd|**-**|**1**|
## **15 Creditors: amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2022**
**£**
**68,000**
**2,724**
**70,724**|**2021**
**£**
68,000
5,028|
|---|---|---|
|||**73,028**|
- 9 -
## **BERNARD KAHN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**16**|**Creditors: amounts falling due after more than one year**||||
|---|---|---|---|---|
||||**2022**|**2021**|
|||**Notes**|**£**|**£**|
||Bank loans|**17**|**357,790**|357,887|
|**17**|**Loans and overdrafts**||||
||||**2022**|**2021**|
||||**£**|**£**|
||Bank loans||**357,790**|357,887|
||Payable after one year||**357,790**|357,887|
||Amounts included above which fall due after five years:||||
||Payable other than by instalments||**(357,790)**|(357,681)|
The long-term loans are secured by fixed charges over two of the four investment properties owned by the charity.
The long-term loans consist of two interest only mortgages with a term of 11 years ending in November 2028. The interest rate was 3.79% throughout the period. An early repayment charge will apply until 2 January 2028.
## **18 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 6 April**|**Incoming**|**Resources**|**At 5 April**|
|---|---|---|---|---|
||**2021**|**resources**|**expended**|**2022**|
||**£**|**£**|**£**|**£**|
|General funds|**618,016**|**92,341**|**(89,133)**|**621,224**|
|**Previous year:**|**At 6 April**|**Incoming**|**Resources**|**At 5 April**|
||**2020**|**resources**|**expended**|**2021**|
||**£**|**£**|**£**|**£**|
|General funds|613,794|70,330|(66,108)|618,016|
## **19 Related party transactions**
The trustees made an interest free loan to the charity in May 2017 of £68,000 which remained outstanding throughout the year.
- 10 -