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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 259372

THE KUPAH CHARITABLE TRUST

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

Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS

THE KUPAH CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 10

THE KUPAH CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES S Friedman
S Weiss
PRINCIPAL ADDRESS 105 Osbaldeston Road
London
N16 6NP
REGISTERED CHARITY 259372
NUMBER
INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS
BANKERS HSBC Bank plc
312 Seven Sisters Road
Finsbury Park
London
N4 2AW

Page 1

THE KUPAH CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objects for public benefit

The objects of the charity are the relief of poor, needy and sick and the advancement of Jewish Religious Education.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.

Grantmaking

Grants are made to charitable institutions, organisations and individuals 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. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.The trustees consider all requests which they receive and make donations based on the needs of the applicant and the level of funds available.

ACHIEVEMENT AND PERFORMANCE

Review of activities

The trustees are satisfied with the results for the year. Subsequent to the addition to the charity's investment property portfolio. the charity has seen an increase of almost 18% in investment income. However, overall income decreased by just under 18% for the year, this being attributable to a 30% reduction in donations received.

That notwithstanding, the trustees felt the charity to be in a strong position financially and were able to increase grantmaking by over 17% whilst still leaving the charity with a surplus for the year.

FINANCIAL REVIEW

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which include the free reserve of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity. Reserves at the year end were £1,479,425 (2022 - £1,477,506) of which £418,565 (2022 - £419,912) were free reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity was established by Deed of Trust dated 21 March 1969.

Organisational structure

The day-to-day affairs of the company are administered by the trustees.The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.

Page 2

THE KUPAH CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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 and other irregularities.

Approved by order of the board of trustees on 15 January 2024 and signed on its behalf by:

S Friedman - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KUPAH CHARITABLE TRUST

Independent examiner's report to the trustees of The Kupah Charitable Trust

I report to the charity trustees on my examination of the accounts of The Kupah Charitable Trust (the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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.

E Meyer FCA BSc

Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS

15 January 2024

Page 4

THE KUPAH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
Charitable activities
3
Grantmaking
Support costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted
fund
£
123,390
70,253
193,643
15,547
174,557
1,620
191,724
1,919
1,477,506
1,479,425		 2022
Total
funds
£
175,340
59,658
234,998
9,022
148,181
1,875
159,078
75,920
1,401,586
1,477,506

The notes form part of these financial statements

Page 5

THE KUPAH CHARITABLE TRUST

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Investment property
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
TOTAL FUNDS		 2023
Total
funds
£
1,052,860
8,000
422,955
430,955
(4,390)
426,565
1,479,425
1,479,425
1,479,425
1,479,425		 2022
Total
funds
£
1,049,594
38,000
391,412
429,412
(1,500)
427,912
1,477,506
1,477,506
1,477,506
1,477,506

The financial statements were approved by the Board of Trustees and authorised for issue on 15 January 2024 and were signed on its behalf by:

S Friedman - Trustee

The notes form part of these financial statements

Page 6

THE KUPAH CHARITABLE TRUST

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including the

individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Income

Income received by way of donations is included in full in the Statement of Financial Activities when received.

Income from investments is included in the year in which it is receivable.

Expenditure

Expenditure is recognised in the year in which it incurs and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.

Raising funds are the costs of generating income and do not include the costs of disseminating information in support of the charitable activities.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.

Investment property fair value is determined by the trustees based on professional valuations, their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Page 7

THE KUPAH CHARITABLE TRUST

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

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from tax on its charitable activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

2. INVESTMENT INCOME

Rents received
3.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
4)
£
Grantmaking
174,105
Support costs
-
174,105
4.
GRANTS PAYABLE
Grantmaking
The total grants paid to institutions during the year was as follows:
Advancement of education
Relief of poverty
Advancement of religion
Medical
Social welfare
Baderech Hayoshor Vehatov
The Well Trust Limited
Amud Hatzdokoh Trust
Be'er Yitzchok Trust
Others under £5,000
The total grants paid to individuals during the year was as follows:
Relief of poverty		 2023
£
70,253
Support
costs (see
note 5)
£
452
1,620
2,072
2023
£
174,105
2023
£
28,180
21,626
113,449
330
820
164,405
54,255
50,000
11,531
10,000
38,619
164,405
2023
£
9,700		 2022
£
59,658
Totals
£
174,557
1,620		 2022
£
59,658
176,177
2022
£
148,181
2022
£
14,335
26,045
68,740
9,180
10,050
128,350
2022
£
19,831

Page 8

THE KUPAH CHARITABLE TRUST

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

5. SUPPORT COSTS

SUPPORT COSTS
Governance
Finance costs Totals
£ £ £
Grantmaking 98 354 452
Support costs - 1,620 1,620
98 1,974 2,072
Support costs, included in the above, are as follows:

Finance

2023 2022
Total
Grantmaking activities
£ £
Bank charges 98 21
Governance costs
2023 2022
Support Total Total
Grantmaking costs activities activities
£ £ £ £
Independent examiner's fee - 408 408 360
Independent examiner's other fees - 1,212 1,212 1,140
General expenses 354 - 354 354
354 1,620 1,974 1,854

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7. AVERAGE STAFF NUMBERS

The average number of staff in the year was Nil (2022 - Nil).

Page 9

THE KUPAH CHARITABLE TRUST

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

8. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2022
Additions
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 £
1,049,594
3,266
1,052,860
1,052,860
1,049,594

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Tax recoverable
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors		 2023
£
8,000
-
8,000
2023
£
4,390		 2022
£
8,000
30,000
38,000
2022
£
1,500

11. RELATED PARTY DISCLOSURES

The charity received an unrestricted donation of £120,000 from a trustee.

Page 10