COMPANY REGISTRATION NUMBER: 941989 CHARITY REGJSTRATIOP4 NUMBER: 257399 TRUSTWELL LIMITED Company Limited by Guarantee UDaudited FinaD¢i41 Statements For tbe year ended 31 March 2024 COHEIY ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NWI I OPU
TRUSTWELL LIMrrED COMPANY LIMITED BY GUARANTEE FiDaneial Statements Year ended 31 March 2024 PAGES Trustees, Annual Report (Incorporating the Director's Report) Ito3 Independent Examinevs Report to the Trustees Statement of Financial Activities (Including Income and Expenditttre Accounl) Statement of Financial Position Notes to the Financial Statem¢nts 7t013
TRUSTWELL LnVllTED COMPAIYY LIMITED BY GUARANTEE Trustees, Annual Report (IneorporatlDg the Director's Report) Year ended 31 Mar¢b 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity Dame Charity registration number Company registration number 941989 Prineipal office 80a Darenth Road London N166ED Trustwell Limited 257399 Registered New Burlington House 1075 Finchley Road London NWII OPU The tru8tee8 Mr G Berger Mr S Berger Mrs S Gninzweig Asher Stemlicht. FCA Cohen Arnold New Burlington House 1075 Finchley Road LONDON NWII OPU Independent examiner STRUCTURE. GOVERNANCE AJYD MANAGEMENT The Charity is constituted as a Company limited by guardntee. and is therefore governed by its Memorandum and Articles of Association. The trustees administer th¢ day-to-day affairs of the Charity. None of the trustees h&ve any beneficial interest in the Charity. It is not currently th¢ intention of the trustees of the Charity to appoint new trusl¢¢s. Should the siluation change in the future, the Trustees will apply suitable recrnitment trnining and induction pnicedures. Risk management The trustee5 plan to continu¢ to make distributions in accordance with their grant making wlicy and to ensure that an appropriate level of reserves is maintained. The tJust¢¢s have identified and reviewed the major risks to which the eharity is exposed, in particular those related to the operations and finance of the charity? and aTe satisfied that systems are in place to manage those risks.
TRUSTWELL LIMITED COMPANY LIMITED BY GUARAiYfEE Trustees, Annual Report (Ineorpor¥4ting the Director's Report) Year ended 31 March 21124 OWECTIVES AND ACTIVITIES The charity is established to further thos¢ purposes both in the United Kingdom and abroad OgniSed as clwitable by English Law and in furtherance of the aforementioned objects. The charity receives in¢om¢ mainly from charitable receipts under gift aid, which it utilis¢s in th¢ provision and distribution of grants and donations. The charity's principle activity throughout the year was the provision and distribution of donations and grants to organisations, and no change is envisaged in the immediate futhre. The ttwstees confirn) that they have refr¢d to the guidance containd in the Charity Commission's general guidance on publi¢ b¢nefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant mgkin8 p)licy for the year. Gran¢ maktDg poli¢y Grants are made to ¢haritsble institutions and organisations which accord with the objects of the charity. The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the l¢v¢l of funds available. ACHIEVEMEIYTS AND PERFORTrL4NCE During the year the charity continued to pursue its philanthropic objects in support of ¢du¢ational, religious and other charitable organis&tions. Income from donations And investments aggregated £152.488. Total resour$ expended were £155.454. resulting in net revenue deficit of £2,966. FINANCIAL REVIEW The financial results of the Charity's activities for the year ¢nd¢d 31 March 2024 are fvlly reflected in the attached Financial Statements together with the Not¢s thereon. PLANS FOR FUTURE PERIODS The trustees plan to continue io make distributions in cOrdanCe with their grdnt making policy and to ensure that the ability to generate sufficient income is mr¢intain¢d to achieve that end. Reserves policy It is the policy of the charity to maintain unrestricted funds, which include the free reserves of the charity, at a level which the trustees think appropriate, after considering the futt]re commitments of the charity and the likely costs of the charity for the next year. Ai 31 Mar¢h 2024 the charity had unrestricted funds aggregating £2,073,048. IDve8tment policy Th¢ Charity has powers to make inveslments in accordance with its constitutional d(Kumenls. The Trustees consider appmpriate and judicious investments which could generate income and capital growth in the medium term to enable the Charity to continue its charitable activities into the future whilst maintaining Free Reserves to enable it to carry out its activities in the immediate tenn.
TRUSTWELL LIllTED COMPANY LIMITED BY GUARANTEE Trusteesl Annuydl Report Oncorporating the Director's Report) (¢oMlwdJ Year end¢d 31 March 2024 SMALL COMPANY PROVISIONS This report has been prepared in acrdanCe with the provisions applicable to companies entitled to the small oimpanies exemption. Th¢ trust¢es' annual report was approved on . trnstees by: and s1cd on behalf of the board of Mr S Berg Ttwste¢
TRUSTWELL LIMITED COMPAIYY LIMITED B Y GUARANTEE Indeptndent Examiner's Report to the Trustees of Trustwell Limited Year ended 31 March 2024 I report to the ttee9 on my examination of the financial statements of Trustwell Limited ('the ¢harity') for the year ended 31 March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the company {and also ils directors for the purpos¢s of company law) you are responsible for the preparation of the financial statements in ae¢ordan¢e with the requirements of the Companies Act 2006 ('the 2(X)6 ACÉ,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in re$ct of my examination of the charity's accounts &s carried out under section 145 of the Charities A¢1 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions wven by the Charity CoTnmission under Section 145(SXb) of the 2011 Act. INDEPENDENT EXAiVUNER'S STATEMENT I have complcted my examination. I confim that no matters have COTne to my attention in connection with the examinAtion giving me cause to believe.. accounling records were not kept in respect of the charity as required by section 386 of the 2006 Acr. or the financial statements do not accord with those records- or the financial st8temenls do not comply with the aOUntIng requirements of s¢¢tion 396 of the 2006 Act other than any requirernent that the accounts giye a 'true and fai view which is not a matter considered &s part of independent examination. or the financial stalem¢nts have not been prepared in accordance with the mdhods and principles of the Statement of Recomtnended Practice for accounting and rqx)rting by charilies applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I have no cor]ceTnS and have come acr055 no other matters in connection with the examination to which atteniion should drawn in thi5 r¢wrt in order to enable a proper understanding of the accounts to k reached. As ier Stemliclit. FCA Cohen Arnold Indyndent Examiner New Burlington House 1075 Finchley Road LONDON NWI I OPU
TRUSTWELL LIMtrED COMPAIYY LIMITED BY GUAIL4NTEE Statement of Financial Activities (including income and expenditur¢ a¢¢ount) Year end 31 March 2024 2024 Unrestricted funds Totsl funds Total funds 2023 Nots IDeome and endowmeDts Donations and legacies Investment income 152,275 213 152,275 213 152,900 Total income 152,488 152,488 152,902 Expenditure Expenditure on charitable activities Total expenditure 73 (155.454) (155,454) (153,720) (155,454) (155,454) {153,720) Net 8ains on investments io 20.000 20,000 150,000 Net income Det movement in fullds 17.034 17,034 l49,182 Reconeiliatioll of funds Total funds brought forward Total funds carried fornrd 2,056,014 256,014 24I73,IM8 1,906,832 2,056,014 2,073.048 The statement of financial acttvities includ¢s all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tht notes on pages 7 to 13 form pirt Df these fiD*ncial stgtements.
TRUSTWELL LIMITED COMPANY LIMITED BY GUARANTEE ststement of Finv4ncial Position 31 Mareb 2024 2024 2023 Note Fixed ets InYestm¢nts 14 2070,iM)O 2,050,000 Current 8ssets Cash a¢ bank and ID hand 8A48 10,814 Creditors: amounts falling due within one year Net current asse¢s 15 (5,400) (4.800} 3048 2,073,048 6,014 2,056,014 Total *ssets less cyrreni liabilities Net assets 2,073,048 2,056.014 Funds of the eharity Unrestricted lld$ 21173,048 2,073,IM8 2,056.014 2,056.014 To¢al ¢barity funds 16 For th¢ year ending 31 Mah 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, r¢sponsibiliti¢s'. The m¢mbers hav¢ not required the company to obtain an audit of its financial stalements for the year in question in accordance wilh section 476- The d1Clor$ acknowledge their responsibilities for wmplying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These finaJ]cial statements have ixen prepord in acwrdan¢e with the provisions applicable to companies subject to the small companies, regime. These fiiiaiicial statements were approved by the iK)ard of trustees and authorised for issue (x) I)..&. and are signed on belialf of the board by.. MrSB¢ Trustee er The notes p•g¢5 7 to 13 form rt•f thest fingntial ststements.
TRUSTWELL LIMITED COIVIPANY LIMITED BY GUARAI¥TEE Notes to the Financial Statements Year ended 31 March 2024 General infomAtion The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the regist¢red otTice is New Burlington Hous¢, 1075 Finchley Road. tAindon, NWI I OPU. Ststsmenl of eompliance These financial statements have been prep&red in complianee with FRS 102. 'The Financial Reporting Standard applicabl¢ ID the UK and the Republic of Ireland,, th¢ Statement of Recommended Practice applicable to charities preparing their accounts in accordance wiih the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Aeeountlng pollcies Basis of preparntioll The finaiicial statements have been ptEpared 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 sterlin& which is the functional currency of the entity. Going concer There are no material uncertainti¢s alx)ut the charity's abillty to continue. Coll501idation The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011. and has tsken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group. Judgements And key sourees of estimalion uncertainty The preparation of the financial statements requires managernent to make judgements, estimates and assumptions that affect the amounts pOrted. These estimates and judgements are ntinually reviewed and are based on experience and other fa¢tors, including expectations of future events that are believed to be reasonable under the circumstances. There were no significanljudgements or estimates made in the preparation of these financial ststements. Fund accounting Unrestricted funds ar¢ available for use at the discretion of the trnst¢es to further any of the charity's purposes.
TRUSTWELL LIMifED COMPAIYY LIMITED BY GUAIL4NTEE Notes to tbe Financial Statements (th11e4• Year ended 31 March 2024 Aecounting policRes ftonÉinuedJ Jllcoming resources All InMe is included in the statement of financial activities when entitlement has passed to the charity. it is probable that the e¢onomi¢ 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: income from donations or grants is recognised when there is evidence of entitlement to the gill receipt is probable and its amount can b¢ measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully rewv¢r¢d, and is classified und¢r headings of the stalem¢nt of financial activities to which it relates: exp¢nditure on charitable activiti¢s in¢lud¢s all costs Incued by a charity in undertaking activities that further its charitable aims for the benefrt of its beneficiaries, including thos¢ support costs and costs relating to the governance of the charity apportioned to charitabl¢ activities. All costs ar¢ allocated to expenditure tegorieS reflecting the use of the resource. Dir¢ct costs ttributsble to a single activity are allocated directly to that activity. Shared Costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. The following specific policies are applied to particular categories of expenditure. - grants and donatii)ns are recognised when paid. Investments The investment in the subsidiary undertaking is initialty recorded at cosL and subsequently stated at fair value less with changes ill fair value bein8 r¢¢ognise through the income and expenditure account.
TRUSTWELL LIMtTED COMPANY LIMITED BY GUAIL4NTEE Iyotes to the Fiaan¢iY41 StatemeDts Year ended 31 March 2024 Accounting policies Finan¢ial instruments A financial asset or a financial liability is recognised only when the entty EKcomes a paty to the contractual provisions of the instrument. Basic fmancial instruments ar¢ initially recognised at the amount receivable or payable including any related transaction cosw unless the arrangement conslitutes a financing transaction, where it is recognised at the present valu¢ of th¢ future payments discounted at a rnet rate of intsrest for a similar debt instrument. Current assets and current liabilities are subsequently measured at th¢ cash or other consideration expected to k paid or received and not discounted. Oth¢r financial instruments are initially recognised at fair value and are subsequently measured at fair value. with any changes recognised in profrt or loss. All equity instruments are assessed individually for impairnlent. Any r¢versa15 of trnpairn)¢nt ar¢ reColsed immediately, to the extent that the reversal does not r¢sult in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaiment not previously been recognised. Illmited by guarantee The Charity is a Company Limited by Guarantse and has no share capital. The liability of each Member in the event of winding up is limited to £1. Dolla¢ions and legacies UnstrICted Totsl FuDd8 Unrestricted Totsl Funds Funds 2024 Funds 2023 Donations Donations received 152,275 152,275 152.900 152.900 Inve81ment income Unr¢stricted Total Fund8 Unrestricted Totsl Funds Funds 2024 Fund5 2023 Bank interest re1vable 213 213
TRUSTWELL LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements Year ended 31 March 2024 Expenditure on eharitsble activilies by fund type Unr¢stri¢t¢d Total Funth Unrestricted Total Funds Funds 2024 Funds 2023 Donations paid Support costs 152.070 3,384 152,070 3J84 155A54 150.970 2.750 150,970 2.750 155.454 153.720 153.720 Expenditure on charitable activitiey by activity type Grant funding of activiti¢s SuptK)rt costs Total funds 2024 Total fund 2023 Donations paid Governance costs 152.070 152,070 3J84 155,454 150,970 2.750 3J84 152.070 3J84 153.720 Analysis of gT&ttts 2024 2023 Grants to institutions Grants to institutions 152,070 150,970 Total grants 152,070 150,970 All grants and donations weTe paid to charitable institutions for the purposes of either the advancement of education, the alleviation of poverty or the furtherance of religion. The composition of donations is shown klow. Friends of Mosdos Torah Veyirah United Talmudical Associates Ltd J & R Charitable Trust Kahal Chassidim Bobov Amud Hatzdokoh Trust Mosdos Toldos Aron Limited Bais Hamedrash Ohel Yakov Ltd Yeshiva Gedoilah Torah Veyirah Limited Other donations less than £4,000 40,000 2120 6JOO 6,000 5JOO 5,000 4,700 4,180 59,070 152,0711 io
TRUSTWELL LIMITED COMPANY LIMITED BY GUARANTEE Notes lo the Financial Statements (cMdN#ed) Yeydr ended 31 March 2024 10. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gains on investments in group undertakings 20,000 20.11(K 150,000 150,000 11. Illdependellt examination fees 2024 2023 Fees payable to the independent examiner for-. Independent examination of the financial statements 2,700 2,400 12. Staff costs There were no employees during the year. 13. Trustee remunerntion and expenses No remuneration or other b¢n¢fits from employment with the charity or a related entity were received by the trustees. No trustee expenses have been incurred. 14. Investments Shares in gmup undertydking Fair value At l April 2023 Additions Fair value movements 2,050,OIM 20,000 At 31 Mareh 2024 2,070.1100 ImpgirmeDt At l April 2023 and 31 Mareb 2024 CarryiDg amount At 31 March 2024 2,070,1)00 At 31 Mawh 2023 2,050,000 All invesbnents shown above are held at valuation.
TRUSTWELL LIMtTED COMPANY LIMITED BY GUAIL4NTEE Notes to the Financial Statements (Cottllm Year ended 31 Mareb 2024 14. Inve¥tments (coAtillNédJ The charity holds the entire shar¢ ¢apital of Rightscope Limited (Company number 03012478), a company registered in England and Wales. The registered address of the subsidiary undertaking is New Burlington House, 1075 Finchley Road, NW I I OPU. The historical cost of Investments in shares in group undertaking is £l(M). The fair value of the shares in the group undertaking is det¢miin¢d using the net assets of the subsidiary undertaking. 15. Creditor5: amounts fallillg due within one year 2024 2023 Awruals and deferred income 4.800 16. ADalysis of charitable fullds Unrestricted funds At l April 2023 Gains and At31 losses MAreh 2024 Income Expenditure General funds 2.056.014 152,488 (155.454) 20,000 2,073,048 At l April 2022 Gains and At31 losses March 2023 Income Expenditure G¢nerdl funds 1.906,832 152.902 (153.720) Iso,000 2,056,014 12
TRUSTWELL LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Financial Slatements fcoTrlinMedJ Yvar ended 31 March 2024 17. Analysis of net assets between fullds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than l year Net assets 2,070,IXK) 8,088 (5.400) 2,072.688 2,070,1)(10 8,088 {5,400) 2,072,688 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than l year Net assets 2,050.IJ)O 10,814 {4,800) 2.056,014 2.050,000 10,814 (4,800) 2.056.014 18. Fin8ncig1 instruments The Calg amount for each category of financial instrument is as follows: 2024 2023 Financial asset5 measured at fair value through income xnd expenditure Financial assets measured at fair value through income and expenditure 2,O70JIOO 2.050,000 The fair values of financial assets measured at fair value through income and expenditure are detemiined usin8 the net &ssets of the subsidiary undertaking. 19. Rela¢ed party transaetions Donations received includes amounts aggregating £72,500 from the subsidiary undertaking and £60.500 from companies connected with the Trustees. No conditions were attached to any of the donations. 13