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2023-03-31-accounts

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THE LAUFFER FAMILY CHARITABLE TRUST

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CHARITY NUMBER 251115

HENTONS

Chartered Accountants Ground Floor, 31 Kentish Town Road London NW1 8NL

THE LAUFFER FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS

Page
Trustees' Report 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13

L

THE LAUFFER FAMILY CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees: JS Lauffer G L Lauffer RM Lauffer Governing Document and Constitution Trust Deed dated 13 December 1965, as an unincorporated association in England.

Charity Registration Number 251115 Charity Office 123 Hampstead Way London NWll 7JN Bankers Barclays Bank plc 28 Hampstead High Street London NW3 1 QB Investment Managers Brewin Dolphin Securities Ltd. 12 Smithfield Street London EClA 9BD

Raymond James Investment Services Ltd. Ropemaker Place 25 Ropemaker Street London EC2Y 9L Y

Accountants

Hentons ( Chartered Accountants) Ground Floor, 31 Kentish Town Road London NWl 8NL

1

THE LAUFFER FAMILY CHARITABLE TRUST

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TRUSTEES' REPORT (continued)

The trustees present their repo1t and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the charity's trust deed and applicable law.

Structure, Governance and Management

The trustees named on page 1 served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity. The trustees are responsible for the day to day administration of the charity and hold periodic trustees' meetings.

The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trnstee. The Board of Trustees ensures that the skill requirements of trustees are kept under review. New trnstees, if required, are sought by recommendation from existing trustees, and the required training is given by the existing trustees.

Investment Powers

The Ttust Deed authorises the trustees to make and hold investments using the general funds of the charity. Details of investments held are shown in the financial statements.

Objectives and Activities for public benefit

The Charitable Trust is constituted by Trust Deed and its public benefit objectives and aims, and grant-making policy, are to apply the Trust Fund and Income thereof for general charitable purposes in the scheduled territories as specified in the Trust Deed of 13 December 1965. The scheduled territories are :-

The United Kingdom of Great Britain and Northern Ireland (including the Isle of Man and the Channel Islands). Canada, Australia, New Zealand, The Union of South Africa, Pakistan and Ceylon. The Republic of India.

Any other territories forming pait of the British Commonwealth and Empire of which the Queen is registered as Head.

The State oflsrael.

The United States of America.

Grant - Making Policy

The trustees meet from time to time to consider making charitable grants to institutions and to review any applications for grants that have been received.

In fmtherance of its public objectives, during the year the charity made institutional grants of £515,363 for general charitable purposes, details of which are shown in note 3 of the Notes to the Financial Statements. The policy of the charity is to continue to apply the Trust Fund and Income thereof for general charitable purposes in the aforesaid scheduled territories, as specified in the Trust Deed, for public benefit.

Achievements and Performance

The trustees consider that the performance of the charity this year has been satisfacto1y. During the year the charity made 169 institutional grants for the aforementioned general charitable purposes in support of the public benefit activities of those institutions.

Other than the Board of Trustees, the chai·ity is not dependent upon the services of unpaid volunteers, donations­ in-kind or other intangible income.

Financial Review

The principal source of income is investment income.

Details of expenditure on charitable activities are shown in the Statement of Financial Activities on page 6 of the Financial Statements. Expenditure incurred during the year related to Charitable Grants, and Support Costs (Governance Costs) necessary in relation to the charity's activities.

2

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THE LAUFFER FAMILY CHARITABLE TRUST

TRUSTEES' REPORT ( continued)

Financial review ( continued)

The charity's assets are held for the purpose of making Grants for general charitable purposes in the aforesaid scheduled territories as specified in the Trust Deed dated 19 December 1965 and the Board of Trustees consider that the financial position of the charity at 31 March 2023 is satisfactory to enable it to continue to make such Grants.

During the year Brewin Dolphin Securities Limited and Raymond James Investment Services continued to act as Investment Managers of the charity's listed investments. During the year there were Realised Losses and Unrealised Losses on listed investments of £32,053 and £144,354 respectively.

The listed investments held by the charity have been acquired in accordance with the powers available to the trustees. The 31 March 2023 value of the listed investments has been substituted for their historical cost and value when settled and details are shown in note 6 of the Notes to the Financial Statements.

Reserves Policy

The trustees have examined the requirement for free reserves which are those unrestricted funds not invested in Fixed Assets. It is the policy of the charity to maintain free reserves at a level considered adequate to provide sufficient funds for on average approximately two to three months' unrestricted expenditure to cover governance costs and to respond to emergency applications for grants which may arise from time to time; the free reserves amounted to £19,109 at 31 March 2023. Designated Funds have been created up to an amount equivalent to the value of Fixed Assets held as these represent funds not immediately available for charitable grants; at 31 March 2023 the Designated Funds amounted to £4,080,486.

Future Plans

The charity intends to continue making institutional grants for the aforementioned charitable purposes, as specified in the Trust Deed, for public benefit.

Risk Management

The trustees have reviewed the affairs of the charity and do not consider that there are any major, strategic, business and operational risks which the charity faces other than in relation to the holding of the charity's listed investments and in order to lessen such risks the trustees have previously appointed Investment Managers who periodically review the investments held and report to the trustees with their recommendations in regard thereto.

Going Concern

There are no uncertainties about the charity's ability to continue as a going concern as indicated in note 12 of the Notes to the Financial Statements.

Statement of trustees' responsibilities

The trustees are responsible under the law applicable to charities in England and Wales and United Kingdom Accounting Standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) for preparing a Trustees' Annual Repoti and financial statements for each financial year which give a true and fair view of the charity's income and expenditure during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

3

THE LAUFFER FAMILY CHARITABLE TRUST

TRUSTEES' REPORT (continued)

Statement of trustees' responsibilities ( continued)

The trnstees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011; the Charity (Accounts and Repo1is) Regulations 2008 and the provisions of the Trust Deed. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Amounts are presented within items in the Statement of Financial Activities and Balance Sheet in accordance with generally accepted accounting principles or practice, the trustees having had regard to the substance of the repmied transaction or arrangement.

The trnstees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to guidance issued by the Charity Commissioners, including public benefit objectives. The activities unde1iaken for public benefit are as hereinbefore described.

Approved

i 2 5 JAN 2024 . This report was approved by the trustees on .......................... and signed on their behalf by:

J S Lauffer (Trustee)

4

THE LAUFFER FAMILY CHARITABLE TRUST

FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2023

JNDEPENDENT EXAMJNER'S REPORT TO THE TRUSTEES OF THE LAUFFER FAMILY CHARITABLE TRUST

I rep011 on the financial statements of the Charity for the year ended 31 March 2023, set out on pages 6 to 13.

Respective responsibilities of trustees and independent examiner

As described on pages 3 and 4, the charity's trustees are responsible for the preparation of the Trustees' Annual Report and financial statements. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The Charity has prepared "accruals basis" financial statements. I am qualified to undertake the independent examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. It is my responsibility to:-

Basis of independent examiner's report

My examination was cmTied out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair" view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect:-

I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Use of this report

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the chm·ity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this repo11, or for the independent examiner's statement.

��� Ground Floor, A Mitchell F .C.A. 31 Kentish Town Road Hentons London NWl 8NL Cha11ered Accountants

2 5 JAN 2024

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THE LAUFFER FAMILY CHARITABLE TRUST

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH2023

Notes
Income and Endowments
Investment Income
2
Legacy
Endowments
Income Tax Repayable
Total Income
Expenditure
Expenditure on Charitable Activities :-
Direct Charitable Expenditure - Grants
3
Support Costs ( all Goverance Costs)
4
TotalExpenditure on Charitable Activities
Net (Outgoing) resources fr the year
Other Recognised Gains and Losses
(Losses )/Gains on Listed Investments - Realised
(Losses )/Gains on Listed Investments - Umealised
Net Movement in Funds
Unrestricted Funds balance brought
frward at 1April 2022
Unrestricted Funds balance carried
frward at 31 March 2023		 2023
General Fund
129,431
177
£129,608
515,363
61,978
£577,341
(447,733)
(32,053)
144,54
(624,140)
4,723,735
£4,099,595
2022
General Fund
121,177
103
£121280
480,902
67,53
£548,355
(427,075)
44,412
211028
(171,635)
4,895,370
£4,723,735

There were no recognised gains or losses other than those as set out above.

All of the activities of the charity are classed as continuing.

The notes on pages 8 to 13 form part of these Financial Statements.

6

THE LAUFFER FAMILY CHARITABLE TRUST

BALANCE SHEET AT 31 MARCH 2023

c�-

Fixed Assets
Tangible Assets
Listed Investments
Current Assets
Debtors
Balances at Bank - Deposit Accounts
Less : Creditors :Amounts flling
due within one year
Net Current Assets
Net Assets
Represented By :
Designated Funds - Fixed Assets
Unrestlicted Funds - General Reserves
TotalCharit Funds
Notes
2023
5
1
6
4,080,485
4,080,486
7
9,427
18,682
28,109
8
9,000
19,109
£4,099,595
10
4,080,486
10
19,09
£4,099,595		 103
21,948
22,051
11,520
2022
3
4,713,201
4,713,204
10,531
£4,723,735
4,713,204
10,531
£4,723,735

The notes on pages 8 to 13 form part of these Financial Statements.

2 5 JAN 2024

Approved by the Board of Trustees on ......................... .

���� .......... . . J S Lauffer G L Lauffe �S.\Q. R M Lauffer

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THE LAUFFER FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies Charity Information

The Lauffer Family Charitable Trust is a charity registered with the Charity Commission for England and Wales. The charity's legal form and address is shown on page 1 of the Trustees' Repmt. The nature of the charity's operations and principal activities are shown on page 2 of the Trustees' Report.

Basis of Preparation

The charity is a Public Benefit Entity as defined by Financial Reporting Standard 102 (FRS 102).

The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS 102) 2019 effective January 2019 as subsequently updated), the Financial Reporting Standard applicable in the United Kingdom and Republic oflreland (FRS 102) and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 2005 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 on a going concern basis in accordance with note 12 of the Notes to the Financial Statements.

Income

All income is accounted for as receivable by the charity. There were no permanent endowments received in the year (2022 - NIL).

Expenditure on Charitable Activities

Support Costs are charged on an accruals basis.

Grants are charged in the year when paid; they comprise donations to third-party institutions in accordance with the charitable objects of the charity and its public benefit objectives.

Tangible fixed assets for use by the charity and depreciation

Tangible fixed assets for use by the charity are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of an asset, less its estimated residual value, over the expected useful life of that asset, as follows:-

Computer equipment

25% Reducing Balance

Fixed Assets - Investments

Investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.

Funds Structure

Funds held by the charity are :-

Taxation

The Lauffer Family Charitable Trust is a registered charity and is therefore exempt from Income Tax and Capital Gains Tax.

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THE LAUFFER FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

(···,[_' ]

1. Accounting Policies (continued) Value Added Tax

Value Added Tax is not recoverable by the charity and, as such, is included in the relevant costs in the Statement of Financial Activities.

2.
3.
Investment Income
Income fom Listed Investments (Dividends and Interest)
Bank Interest
Number of Grants
in year
ended 31/3/23
2023
Direct Charitable Ex�enditure - Grants
Charitable Donations:
Gan Menachem
Holocaust Educational Trust
1
1,000
Beit Halochem UK
3
11,725
GIFT
1
4,610
College fr Rabbinical Studies
1
7,500
Ponovez Institution
1
5,000
Jewish Learning Exchange (JLE)
1
1,000
Chasdei Aharon
1
15,000
Friends ofNachalas Bnei Shimon
1
6,000
Aspire
1
1,000
Congregation Bais Shalom
1
6,000
Friends of Y eshiva Daas Shalom
2
5,500
Chai Cancer Care
2
2,000
Friends of Tifereth Shlomo
1
4,000
Chicken Soup Shelter
2
5,000
Maccabi London Brady Recreational Trust
1
2,500
Gesher Trust
Maccabi GB
2
4,500
Chevras Mooz Ladol
3
18,000
Yad Vashem UK Foundation
2
2,000
Jewish Association for the Mentally Ill (JAM)
Chickenshed Theatre Trust
Halacha LeMoshe Trust
3
24,500
Agudath Israel of Long Island
Central Square Minyan
6
3,205
Project Seed
UJ I A
Shir Chesed Beis Yisroel
TC T
UK Torah Emet Ltd
Y esamach Levav Trust
1
9,000
JW3 Development
1
2,000
Achisomoch Aid Co. Ltd
9
58,500
Tomchei Yotzei Anglia
1
6,000
Friends of Yeshivat Shaarei Shumuos
1
6,000
U Friends of Keren Ohr
.
6,000
carried forward
50
217,540		 2023
2022
129,359
121,169
72
8
£129,31
£121177
Number of Grants
in year
ended 31/3/22
2022
3
3,900
1
1,000
1
2,500
1
10,000
1
1,250
1
1,000
1
1,000
1
3,000
2
1,500
2
8,000
1
2,500
2
6,000
2
7,950
2
12,000
2
1,250
1
1,000
1
1,500
1
7,500
1
6,000
4
2,780
1
1,000
1
1,000
2
27.000
1
5,000
5
13,860
2
16,000
2
4,000
11
28,900
3
16,000
2
12,000
-
-
61
206,390

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THE LAUFFER FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

C['·. ]

Number of Grants Number of Grants
in year in year
ended 31/3/23 2023 ended 31/3/22 2022
3. Direct Charitable Expenditure - Grants ( continued)
brought frward
50		 217,540 61 206,390
United Talmudical Associates
Magen David Ador UK		 1
1		 2,500
5,000		 1
1		 2,200
1,000
Tevini Ltd 1 9,000
Hendon Adath Yisroel Congregation 1 7,000 2 13,000
United Synagogue 3 6,001 3 6,263
Keren L'kiruv Yisroel 2 12,000 2 12,000
Menorah Foundation School 2 5,000 5 8,550
The Beis Yisroel Organisation 1 6,000 2 12,000
Mesila UK
Talud Torah Hare'em		 1
1		 3,000
1,500		 3 11,000
JCoSS 1 2,000
British Friends of Gaon Y aakov 1 6,000 1 6,000
Kisharon 3 6,500 1 5,000
Jewish Child's Day 1 1,000 2 1,750
British Friends of Sarah Herzog 1 15,000 1 5,000
Jewish Deaf Association 1 5,000
Youth Aliyah Child Rescue 2 1,500
Nightingale Hammerson 1 1,000
Step by Step 1 10,000
Jerusalem Foundation UK 1 1,800
Israel Guide Dog Centre UK 1 1,000
A Time Ltd 1 1,000
Lincoln College Development Fund 1 3,750
March of The Living 1 5,000 1 3,000
Tikva UK 2 1,700
Hasmonean High School 2 4,500 1 3,000
P'tach Israel 1 1,800
Kol Y erushalayim Kollel Trust 1 1,800
Peninim Charity Trust 1 12,000
Friends of Galanta 1 4,000 1 4,000
Friends of Ateres Moshe 1 6,000 1 6,000
Mercaz Hatorah Netzach Yisroel 1 6,000 1 6,000
ChavatDaat 1 1,900 1 2,700
Chazak 2 1,000 2 2,000
British Friends of Igud
Hakolelim B 'Y erushalayim 1 3,000
Ner Yisrael Educational Trusl 3 2,500 2 1,100
Keren Chochmas Shloma Trust 1 12,000
Yad Eliezer Trust 1 6,000
Kings College London carried frward 91 367,041 2
106		 18,500
368,703

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C

THE LAUFFER FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

l.

Number of Grants Number of Grants Number of Grants Number of Grants Number of Grants
in year in year
ended 31/3/23 2023 ended 31/3/22 2022
3. Direct Charitable Expenditure - Grants ( continued)
brought forward
91		 367,041 106 368,703
World Jewish Relief 1 2,000
Sedoso Bechoi Eis Ltd 1 9,000
SEED 1 1,500
Start Upright 1 15,000
Jewish Care 3 1,550
Side by Side Children Limited 1 9,000 1 2,500
Grief Encounter 2 7,000
Jewish Interactive 1 1,500
Y eshaya Adler Memorial Fund I 6,000 2 12,000
Chasdei Shalom Trust 2 19,000 1 9,000
Langdon Foundation 1 1,000
Camp Simcha 2 7,750 1 2,500
Rimon Jewish Primary School 2 8,500 1 4,500
Gertner Charitable Trust 1 1,000
Tchabe Kolle! Ltd 2 18,000 1 9,000
Congregation Sharei Shalom Tchabe Limited
1		 7,500 1 11,000
Kehal Charedim Trust 2 15,500 3 36,500
Norwood
Prism the Gif Fund		 3 1,600 3
1		 1,550
6,040
Generations Daros Inc 1 3,000
Community Security Trust 1 2,000
Other (all below £1000) 50 14.422 54 14,109
169 £515,363 177 £480,902
Note:- All grants were institutional grants for the purposes of:
Education 41 136,350 48 170,700
Religious Activities 20 48,551 16 66,893
Environment 4 1,187 2 468
Welfare and Care of Children and Families 70 268,215 77 195,660
Medical Healthcare 17 42,400 17 26,860
Recreation and Culture 17
169		 18,660
£515,363		 17
17		 20,321
£480,902
2023 2022
4. SU::Ort costs (all Governance costs) in SU::Ort of
Charitable Activities
Consultacy Fees (see note11) 2,400 2,400
Postage and Stationery 79 63
Investment Management Fees 46,771 51,968
Bank Charges and Sundries
Accountancy(£7,160)and costs of Independent Exaination(£1,840)
Underprovision fr accountancy in previous year		 3,606
9,000
120		 4,200
8,700
120
Depreciation of Computer Equipment 2 2
£61978 £67A53

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THE LAUFFER FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

5. Tangible Fixed Assets (fr use by the charit)

,_.

6. Cost
At 1 April 2022 and 31 March 2023
Depreciation
At 1 April 2022
Charge fr year
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022
Fixed Assets- Investments
Listed Investments
Market Value at 1 April 2022
(Disposals) in year
Acquisitions in year, at cost
Net Umealised (Losses)/Gains
Market Value at 31 March 2022
( as valued by Investment Managers)
Historical cost and value when settled
of Listed Investments
Market Value as above
The following investents comprised more than
Listed Investments portflio:
14,800 Invesco Mkts III FTSE Rafi
All World
Bank Deposits
Proceeds of sale of listed investments
held for reinvestment
Total Fixed Assets -Investments		 Computer Eguipment
3,021
3,018
2
3,020
£1
£l
2023
2022
4,560,334
4,870,787
(740,140)
(749,607)
319,010
228,126
(144,354)
211,028
£3~~2~~994.850
£4~~2~~560~~2~~334
£3~~2~~50\009
£3~~2~~617)10
3,994,850
4,560,334
5% of the total
Market Value
at 31 March 2023
£280201
85,635
152,867
£4~~!~~080~~!~~485
£4~~!~~713~~!~~201

12

THE LAUFFER FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

7.
8.
Debtors
Income tax recoverable
Sundry Debtors
Creditors : Amounts flling due within one year
Accrals		 2023
2022
177
9,50
103
£9,27
£103
£9,000
£11,520
  1. Staf Costs and Trustees' Remuneration There were no employees during the year (2022-Nil).

No remuneration was paid to trustees in the year (2022-Nil) and no expenses were reimbursed to trustees in the year (2022-Nil).


to trustees in the year (2022-Nil).
Unrestricted Funds Designated
Funds- General
Total Fixed Assets Reserves
Balace at 1 April 2022 4,723,735 4,713,204 10,531
Net Movement in Funds
for the year (624,140) (624,140)
Transfer between Funds (632,718) 632,718
Balance at 31 March 2023 £4,099,595 £4,080,486 £ 19)02

10. Unrestricted Funds

The Designated Fixed Assets Funds represents the Net Book Value of Fixed Assets and have been created as these represent funds not immediately available for charitable grants. Each year an amount is transferred to or from these funds which represents the movement in the Net Book Value of Fixed Assets in the year.

11. Related Part Transaction

During the year there were secretarial fees paid of £2,400 (2022 - £2,400) to Beth Lauffer who is the wife of one of the trustees, J S Lauffer.

12. Going Concern

There are no material unce1iainties about the charity's ability to continue as a going concern having regard to the level of the charity's investment income, which is expected to be broadly unchanged for the future, and the substantial Net Assets as shown by the charity's Balance Sheet at 31 March 2023.

13