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2023-04-05-accounts

Charity registration number 249130

BERNARD KAHN CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 2023 The Trustees present IheSr annual report and financ>￿ statements for the year ended 5 Apdl 2023. The financial stslements have been prepared in a¢(%)rdan￿ vthh the aco)unting policses set out Sn note 1 to the finanaal statements and comply wtth the Charitys Trust Deed, the CharFb85 Act 2011 and 'Accounling and R8porting by CharTtse5.' Statement of Recommended Pra¢tic8 applicable to charities preparing theii accounts in accordance with the Finanaal RLporhng Stsndard applicable in the UK and Republic of Ireland IFRS 1021" {effecUve 1 January 2019). Obl8CtIvgs ond aotivrties The prinrApal objects of the Trust are the relief of wvety and the advan(%m8nl of education and religlon within th8 Jèwlsh corntnunlty. W8 have r8ferred to the guidance ￿ntained in Ihe Chartty Commission's general guidanc6 on public b8nefil when reviewing our aims and objectives and in planning our fijture activities. In particular, the tnjslees consider how plannad acbvib"6s ￿11 contrbute to aims and objectives they have sèL Aohievements and performance The charity met its objeclve5 in th8 year by maknng gTants to various Je￿sh organisations aThJ indNidua15 85 detailed in the accounts. Th8 trustees consider that the Perfor[nan￿ of the charity thi8 year has been satisfactory. Flnanelal revlèw It is the policy of the charity to maintain unrestricted fijnds at a level whith the twstees consider is sufficient to generate a regular ino)me for the disth"bub"ons made on an annual basis to (arities which are relh2nt on grants frtsrr the trustees. Th8 trust8ès ère authods8d under the Trust Deed to invest in such assets as they see fit. The charFty has a policy of ke8ping arTry surplus liquid funds in low risk deposit accounts and investment pro￿￿&$ whid) are not subject to the volatility experienced in other sectors suth as equities. 11 is the intsntion of the trustees lo wntinue these polictes for the foreseeable fubjre. 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 key risk is the seujrity of the investments. whlch the trustaes monttor on a regulai basls and apply the policg ¢Jescribed above. Structure, governance and management The Charfty Ss govemed by the Trust Deed dated 2 Aprfl 1965. Th8 Trust Deed auth0ri5es the twstees lo make and hold investments U￿fig the g8ner81 funds of the Charity. The Trustees who servgd during the year and up to thg dale of signature of the finanThal stalem8nts were: Mryz Kahn Mrs M Kahn Mr M Shaya (AptKinted 19 November 20231 App(>intmenl of trustaès is govem6d by the Trust Dèad of the charity. Thè tt)ntinuing trustees are authorised to appoint new twstees to fill vacancies arising through the resignation or death of an eKstiTrJ trustee. The Trustees. r8POrt was approved by the Board of Ttu$t8e& rYZKahn Tru$tee 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 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 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 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

BERNARD KAHN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 55,000 45,000
Investments 4 48,508 47,341
Total income 103,508 92,341
Expenditure on:
Raising funds
Investment property running costs 5 24,540 15,426
Investment propetry management costs 5 16,583 13,515
41,123 28,941
Charitable activities
Grants paid in support of the Jewish community 7 53,513 57,441
Administrative costs 7 4,556 2,751
Total charitable expenditure 58,069 60,192
Total expenditure 99,192 89,133
Net income and movement in funds 4,316 3,208
Reconciliation of funds:
Fund balances at 6 April 2022 621,224 618,016
Fund balances at 5 April 2023 625,540 621,224

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BERNARD KAHN CHARITABLE TRUST BALANCE SHEET ASAT 5APRIL 2023 2023 2022 Notes Fixed assets Ifwestmenl property 12 1,031,13S 1,031,135 Current assets Cash al bank and in hand 25A34 18.603 Creditor5: amounts falling due within one year 15 73,640 10,724 Net current liabilities 148.2061 {52,121} Total ass•ts lèss currènt Ilabilitl•s 982.929 979.014 Creditors: amounts falling due after MO￿ than on8 year 16 1357,389) (357,7901 Net assets 625,540 621,224 The fijnds of th• Charity Unr8Strict8d fvnds 621.224 625,540 621,224 The financlal statem8nts w8r8 apprtsv8(I by tho TnISt￿ on 5 F6bnJary 2024 rYZKahn Trustee

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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.

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

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
2023 2022
£ £
Donations and gifts 55,000 45,000
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 48,422 47,340
Interest receivable 86 1
48,508 47,341

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

5 Raising funds

Raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Investment property running costs
General repairs and maintenance 7,693 2,173
Ground rent 1,298 1,400
Insurance 3,607 1,681
Managing agent fees 4,171 5,341
Service charges 7,771 4,831
Investment property running costs 24,540 15,426
Investment property management costs
Mortgage interest 16,583 13,515
41,123 28,941

6 Expenditure on charitable activities

Grants paid
in support
of the
Jewish
community
Administrati
ve costs
2023
2023
£
£
Direct costs
Accounting
-
2,916
Bank charges
-
36
Subscriptions
-
1,604
-
4,556
Grant funding of activities
(see note 7)
53,513
-
53,513
4,556
Analysis by fund
Unrestricted funds
53,513
4,556		 Total
Grants paid
in support
of the
Jewish
community
Administrati
ve costs
2023
2022
2022
£
£
£
2,916
-
2,724
36
-
27
1,604
-
-
4,556
-
2,751
53,513
57,441
-
58,069
57,441
2,751
58,069
57,441
2,751		 Total
2022
£
2,724
27
-
2,751
57,441
60,192
60,192

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Grants payable

Grants to institutions:
Achisomoch Aid Company Ltd
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		 2023
£
10,000
20,000
-
10,000
-
-
13,513
-
-
53,513		 2022
£
-
20,000
2,500
10,000
10,000
1,000
8,891
50
5,000
57,441

8 Administrative costs

Administrative costs includes payments to the independent examiners of £2,916 (2022- £2,724) 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
2023
£
Fair value
At 6 April 2022 and 5 April 2023 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.

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

13 Fixed asset investments

Unlisted
investments
£
Fair value
At 6 April 2022 & 5 April 2023 1
Impairment
At 6 April 2022 & 5 April 2023 1
Carrying amount
At 05 April 2023 -
At 05 April 2022 -

14 Subsidiaries

These financial statements are not consolidated because the dormant subsidiary is immaterial.

Details of the Charity's subsidiaries at 5 April 2023 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		 2023
£
68,000
5,640
73,640		 2022
£
68,000
2,724
70,724

BERNARD KAHN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

16 Creditors: amounts falling due after more than one year
2023 2022
Notes £ £
Bank loans 17 357,389 357,790
17 Loans and overdrafts
2023 2022
£ £
Bank loans 357,389 357,790
Payable after one year 357,389 357,790
Amounts included above which fall due after five years:
Payable other than by instalments (357,389) (357,790)

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 varied from 3.79% to 7.4% 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
2022 resources expended 2023
£ £ £ £
General funds 621,224 103,508 (99,192) 625,540
Previous year: At 6 April Incoming Resources At 5 April
2021 resources expended 2022
£ £ £ £
General funds 618,016 92,341 (89,133) 621,224

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.