Charlty reglstratlon number 264186 (England and Wales) THE HOLDEN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE HOLDEN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8tee8 Mr M Lopian Mr B Z Portnoy Mr D A Lowan (Appointed 18 September 2024) Ch*rlty numb•r 284185 Prfnclpal addr•¥¥ 1 Park Lanè Salford M7 4HT Ind•pond•nt examlnor Lopian Gross Bamell & Co 1st Floer, CIoi81er House Riverside New Bailey Street Manchest•r M3 5FS
THE HOLDEN CHARITABLE TRUST CONTENTS Paga TnJ8te8s' report Independent ox8min•r's report statomont of financial adlvltl•8 Balance shget Notej lo the flnancbal 8t4temenl8 8-12
THE HOLDEN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5APRIL 2024 The trustees present their annual report and financi815tatements for tho year ended 5 April 2024. The accounts have been prepared in accordance with the accounting policies set out In note 1 to the aDnts and comply wlh the charity's governing document, the Charilies Act 2011 and 'Accounling and Reporting by Charitles.. Statement of Recommended Pracllce applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20161 ObJ8ctlvè# and actlvltle8 The Holdan Charitable Trust exi518 lo receive and distribute charitable donation5 to worthy e8uses prSmarily within the Jewsh communty. The trustees confirm that they have referred lo guidance conlained in the Commlssion8' General Guidance on public benefit when Tevlewing the Irusl's aims and objectsves and in planning future actlvitles and setting the grant making policy for the year. The charity's man income is generated from investment Income and donations under the gift aid scheme.. most of thi8 income is distributed lo religlous, educational and similar charities. The oblecUveB of the trust for the year ara to maintsln a stable flow of donationj going to worthy causes In the Jewlsh community. The tru8tee8 h8va paid due regard lo guidance issued by the Charity Comm188ion in docidlng what activille8 the charity Should undertake. The Irustoes have identified a number of Orthodox JeS$h charitbes which prole89 and leach the principles of tradltlonal Judlasm or which carry out activlties which advance rgligion in accordance with the Orthodox Jewlgh faith. Grants are given on application to the ITU51ees by these or similar charits'es. Achl¢v•monts and p•rform•nce During the year the Irusl m8de donations to a wde varlely of ¢harllles within the Jewish communlty. The charity belleves It has achieved its aims in delivering publlc benefit by successfully dlslribuling a glgnificanl proportion of 115 Incoming reserves lo worthy causes. Rornaining reserves in bank and deposit accounts ar? required lo be ovailable lo go towards future investment purposes. At Ih? year end the Irusf s investments werè v8lued at £810,245 and retumed income of £51,142. Flnanclal revl•w Ourlng the year the charity received donatlon income of £5,50Q, inve$trnenl income of £51,142 and other income of £400. This gave the charity a total income of £57.062 and £657,400 was dlslrlbuled lo other charities and good causes. After olhei charitable expendllure in the year and gains followng the revaluation of investments, there was an decrease in the charity's reserves of £589,254. 11 Is the policy of the charity lo hold reserves sufflcienl to maintain regular grants at previous years levels. As the charity Is presenlly largely reliant on donations which a variable, the Iruslees feel il would be Prudent lo mainlaln reserves at suth a level that would enable Ihe tharity to generate 115 own inrne lo meet this aim. At the balance sheet dale the Charity had unrestricted reserves available to il of £260.80512023.' £850,059). This indudes cash reseNes of £450,013. The trustee5 consider that this Is an acceptable level of cash reserves in Order lo imrnedialely be able to donate a large sum if required or have funding for obtaining further inve$trnenl5. The trustees aim to expand the charity's inveslmenl8 Portfolio ¥thenever th¥ opportunty arises. The trust plans to continue to seek donations to enable them to distribute the monies throughout the Jewish CDmmunty. The trustees 11 continue to purchase furthar investments when they believe il is in the best interests of the charity.
THE HOLDEN CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Slructurè. governance and m•nag•ment The eharily was established by a charttable truyt deed on 1 May 1972 wlth a charity number 264185. The trustee5 %tho served during the ye8r and up ta Ihe dale of signature of the finandal glatements wwe.. Mr M Lopian Mr B Z Portnoy Mr DALopian (Apptynted 18 September 2024 Appointment of other truslee815 At lh8 dlscrelSon of the trustees. A new trustee would receive copies of the pr8vious yearfs ieport and accounts and a copy of the Charity Commission leaflet entitled The Essential Trustee - What you need lo know. All decisions made on behaK af the trust are made by the tnJstee8. The trusleets are rasponsibke for the provision of means to dlstribule ch8ritat4e donations to worthy causes. The day-to-day adminiitration of the charlty18 carried OLrt by the trusl888. The Iruslees meet reoularfy to conlder such is6ues as grant maklng, reserv88 8nd a180 to considèr feedback. The trust deed aulhorlses the Iruslees to make ond hold investments using the general funds ol the chlrlly 8nd the charity has invested in various properties Ic provide a slgady income. All the investments are in the UK. The Trustees h#ve assessed the major risk• lo whlch th• thgrlty 1$ expo88d. and are salisfiod that SyBtems are In place to mitigate èxposur• to the major risks, Tr Iruslees, report was 8pproved by the 8oard of Tru8le•B. Mr O A Loplan Trusteg Dated.. S February 2025
THE HOLDEN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOLDEN CHARITABLE TRUST I report to tha tnjslees on my examination of the finanryal stalem8nl8 of The Hc4den Charitsble Trust {tha charity} for the year ended 5 Wil 2024. R•sponslbllltl•$ and basls of report As the trustees ol the charity you are responsible for the preparation of the finanaal statements in accordance wlth the requirements of tho Charilies Act 2011. I report in respect of my 8xaminalion of thtr charity's financlal 8ta18menls canled out Lsnder section 145 of the Charities Act 2011. In carying out my axaminatson I have fgllowed the Diredions given by the Charity Commission under Section 14515llbl of the Chadlies Act 2011. Indep•nd•nt •xamlnorf8 statemont Since the charity's gros3 Incom8 exceeded £250,000, the Independent examiner musl be a member ol a k)ody listed in Sgclion 145 of th8 Charllies Act 2011. 1 confirm that l am qualified lo undertake the examinatlon bec8use l am member of the Instilute of Chartered Accounlanl8 in England and Wales, which 1$ one of the Ilsled bodles. Your gttenlion Is drawn to the fact that the charlty ha8 pr8P8red the flnanrAal slatemonts in accordance wllh the relevant version of the Slolemènl of Recommended Pr8Ctlce applicabl8 lo charities Preparing their financial statements in accordance with the Flnancial Reporting Standard 8pplicable in the UK and Republic of Ireland IFRS 1021 in prelerence lo the Accounting and Reporting by Ch8rilles'. Statement of Recomfflended Pr8Ctice issued on I April 2005 which is r8ferred to in the exlanl regulations bul has now been wlthdrawn. l understand th81 thi5 has been done in order lor Ihe flnanclal statements tg provide a iruo and fail view in accordance th UK Generally Accepted Accountsng Pr8ctice. I havo compielgd my èxaminatlon. I confim Ihal no matters have com8 lo my allenlion in connoclion with th examination giving me cause lo believe that In any mgteriol respect.. accountlng records wgre not kept in respect of the charity 88 requlred by sedon 130 of the Charftle¥ Act 2011. Ihe linan¢i81 st8taments do nol accord with Ih08e records., or the financlal statements do not comply wlth the Bppllcable requSr8ments concerning tho form and conlenl of flnanclal statements 881 out In the ChaflU88 (Accounts and Reports) RegUlaOnS 2008 olh8r than any requlrement thal the linandal statements give a Irua and fair view, 1¢h is not 8 matter considered a8 part of an independent axaminallon. I have no concems and have corne across no other rnatters In connection wllh th8 examination to which allenlion should be drawn In this report In order to 8nablg o proper underst8nding of the financial ¥lalements to be reached. Jason Selig BA FCA CTA DChA Loplan Gross Barn•tt & Co 1st Floor, Cloister House Riverside New Bailey Slw81 Manchester M3 5FS S February 2025
THE HOLDEN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 UnrKtrlct•d Unr•strlct•d fund• funds 2024 2023 Nots¥ Incomo from.. Donation5 and legacies Investments Other income S,500 51,142 420 450,000 81,262 400 Totjl Incom• 57,062 531,662 Charftsble adviUg8 879,322 390,148 Net galns on investments 33,008 28,778 Net Incomelloxp•ndlturel and mov•ment In funds IS89,2541 141.514 Reconclllatlon 0lfund¥: Fund balance8 at 8 Apnl 2023 850,059 681,789 Fund balancH at 5 Aprll 2024 260.805 850,059 The Btstgmanl of flnancl81 activltles includes 811 gains and losses rgcognised In the year. All Income and expendrtufe dgrive from continulng ¥ctiville$.
THE HOLDEN CHARITABLE TRUST BALANCE SHEET ASATSAPRIL 2024 2024 2023 Not•• FIX asso18 Investment property Inveslmenl8 11 12 200,000 610,245 150,000 623,091 810.245 773,091 Currènt a•sots Debtors Cash al bank and in hand 13 40.347 450,013 116,018 43,750 490.380 159,788 Credltor•: amounts falllng du• wlthln on• y•ar 14 11.039,8001 182,8001 Net currènt {Il•bllltl•8llaJ••ts 1549,4401 76,988 Total ass•t• IM• cuirnnt Il•bllltl•• 280,805 850.059 Tho funds of th• charlty Unre8tricted fund8 15 280.805 850.059 260,805 850.059 The financlal statements were approved by the Iru8tee8 on 5 FebTU8ry 2025 Mr DA Loplan Tru•te•
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollclos Charlty Infomatlon The Holden Charitable Trust 1$ 8 charitable unincorporated Ofganisation in England & Wales. 1.1 Accountlng conv•ntlon The financial statements have been prepared in accordancè with the charlty'g governing documenl, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financlal Reporting Standard applicable In the UK 8nd Republic of Ireland {FRS 1021 leffecltve 1 January 2019}" The chafily 18 a Publ Benefit Entity as defined by FRS 102. The finanaal stslemenls have departed from the Charllie8 (Account5 and Reports) Regulation$ 2008 only lo the extent requlr8d lo provide a true and fair vlew. This departure has involved followlng the Slalemont of Recommended Practi for charities applylng FRS 102 rather Ihan the veT51on of the Slalement of Recomm8nd8d Practyco vthich 18 refèrred to in the Regulations but which has since been withdrawn. The financial ststefnenls are prepared In slerting, whlch is the functional currency of the charfly. Monetary amounts in these ffnonci818lalements are rounded lo the nearest £. The financigl slalemenl$ have beén prepared under the hi8toric81 co¥1 convention. modified lo Include the revaluallon of freehold properties and lo include investment properties and certain financial instrumenls al fair value. The principal accounting pollcies adopted are sel out below. 1.2 Golng Concern At Ihe lime of approving the financial slalÈment5, the Irusl889 have a reasonable expectatlon that the charlty has adequate resources to continue in oper81ional exislence for the foreseeable lulure. Thus the Iruslees continue lo adopt the golng concern basis ol accounting in preparing the financial slalemenl8. 1.3 Ch•rltable fund• Unreslricled fund8 are available for use at the di¥cretion of the tTUStee8 in furtheranc8 ol their ch8rltable oblecllves. Restricted funds are Subject lo speciflc condiuons by donor8 or grantors as to how they may be used. The PUTposes and uses of the restricted fund8 afe sel out In the notes to the financlal 8tatem8nls. Fund8 held by the charhy are all unreslricled. These being fiJnd8 whlch can be used In accordanc• the tharllable obj8cis 81 the discretion of the trustees. 1A lthcomlng resourcfrB Income is recognised when the charity is legally enlilled to it 8ftèr any perfomance conditsons have been mel, the amounts can be measured reliably, and il 18 probauè that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the chanty has been no.fied ol the donation, unless perfomiance conditions require deferral of the amount. Income lax recoverable in relation lo donation8 received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are cognised on receipt or otheise if the charity has been notified of an impendlng distribution, the amount is known, 8nd rewpt is expected. If the amount is not known. the legacy is Irealed as a conlingenl asset.
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollclgs Icontlnuedl 1,5 Resource5 expended Expenditure is recognlsed on an accnjals basis as a Ilabilily Is Incurred. Expenditure that is directly slutebIe lo specific adivitie8 has been included In the relevant cost calegones. Governance costs comprise all costs invofving the public accounlablllly of the charity and its compliance wllh regulation and good practice. The8e costs include cos18 related lo independanl examination and legal fe&s. 1.6 Investment proportles Inve51menl property, which Is property held lo eam rentols andlor for captlal appreci8tSon, is inillally rècognised at cost, which Indudes the purchase cost and any directly attributable expenditurè. Subsequenuy it is measured 81 falr value al the reporting end dale. The surplus or deflclt on revaluation is recagnised In profll or loss. 1.7 Flxed asset Invostm•nt¥ Fixed asset investments are inlllally measured al transaction pnce exduding trans8th.on costs. and are 8ubsequently measured al falr value at each reporting dale. Changes in fair volue are recognised In nel incomellexpgndilurel for th• year. Transaction costs are expen8èd a8 incurred. 1.8 Ca•h and cash &qulv•lents Cash and cash equivalents indude cash in h8nd, deposits held al c¥ll wtih banks, other short-lerm Ilquid investments with original maturities of three months or less. and bank overdraft6. Bank overdrafts are shown wilhln borrOn9$ in currenl11gbilitie8. 1.9 Flnanclal Instrument• The charity has elected lo apply the provislons of Section 11 'Basic Financial In8truments' and Sectlon 12 'Other FinanrAal In81rumenl8 Issues, of FRS 102 to all of financial instruments. Fin8ncial instruments are recognised in the charlty's balance sheet when the tharfty becomes paty lo the controctual provSsions of the instrument. Flnancial assets and liabillu'es ore offset, with the nel amounts pre8ent•d in the finanaal statements, when there is a legally enfDrceable right lo sel off the recognised amounts and there is an Intention to $8tt18 on a net basis OT to reali8e the 88sel and settle the liabllity simultaneously. 8aslc flnan¢l•l ass•ts Basic financial aysels, which include debtors and cash and bank balances, are Ini11811y measured al transaction price includSng transaction costs and are subsequently carried at amortised cost u81ng the effective interest method unless th8 arrangement con6lilutes a financing Iransaclion, where the transactlon 18 measured at the Present value of the future Teceipls discounted at a market rale of Interest. Financial assets classified as receivable within one year are not amortised. Baslc Iln•ncl•l Il•bllltl8s Basic financial liabilities, Including creditors and b8nk loans are initially recognised at transaction price unless the arrangement conslilutes a financing transaction, where the debt instrument is measured al the Present value of the future payments discounted at a market rale ol interest. Financial liabilities classified as p8y8ble within one year are not amortised. Debt instruments are subsequently c8rrfed 81 amortised eost, U81ng the effective Interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordlnary course of operations frorn suppliers. Amounts payable are dassified as current liabilities if payment is due wlhin one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al lr8ns3th.on price and bsequentlY measured at amortised c05t using the effeciive intere51 method.
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollclès {Contlnuodl Derncognition of financlal Ilablltties Finanual liabilities are derecognised when the charity's contractual obllgallons ewre or are di¥¢harged or cancelled. Crltlcal accountlng •stlmats8 and ludgomonts In the appllcalion of the charity's accounting poliues, the trustees are requimd lo make judgements, eMateS and assumption5 about the carrying amount of asset3 and liabilities that are not réadily apparent from othèr sources. The eslimales and 88SOCl8ted a5sumplion8 are based on historical experiènce and other factors that 8re consldered lo be relevant. Actual results may differ from these estimates. The esllmate8 and und8rlying assumption# are ravi8d 8n ongoing ba818. Revisions to accounllng estimat85 are rècognised in the period in which the eslim8le is revised where the revision affects only that period, Dr in the period of the revision and future periods where the revi8lon affects bolh current and future periods. Incom• from donatlon• •nd l•gacl•¥ Unr••trlGted Unrostrlcted fund¥ lund¥ 2024 2023 Donations and gifts 5,SOO 450,000 Incom• from Inv••tm•nts Unrn•trSct•d Unrestrlctod funds lund• 2024 2023 Rental income Interest réeeivable 50.367 775 81,024 238 51,142 81,282
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expend11* on ch•rltable actlvltlas Grant fvndSng 2024 Grant fundlng 2023 Dlr•ct costs Bank charges Insuranc¢ 337 390 780 378 727 1.156 Grant fvnding of actlvilos Isee note 61 857,400 381,887 Sharo of govemance costs 20,775 7,105 678,902 390.148 Gr•nts Y•ble The charity made various grants lo a number of instllutlon8 which carry out ath'vlfjes SLtch 83 providing Orthodox Jewsh education or other actiVTbes which advanc& Jewsh religion In accordance with the Orthodox Jawl8h fo11h, Material gTants made are delalled below.. King Davlds Schools Imanchesterl Broom Foundation Teshuvoh Tefi118h Tzedokoh Gateshead Talmudlc81 College The Yiani8 Chrislodoulou Foundation Moreshel Hatorah Ltd Beller Worfd Charity Limlted Chana Charity Ltd The Shaarei Torah Trust Other Donalicns (less than £15,000) 100.000 56.000 30,000 25,000 25,000 20,000 15,000 15,000 15,000 374,400 675,400 Trustee# None of the trustees lor any persons connected wlh them) received any remuneration or benefits from the chanly during the year. None of the trustees lor any pgr50ns conneded with them) received any reimbursements of eypenses fftjm the charity during the year.
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Employ8 The average mcnthly number of employees during the year was.. 2024 Number 2023 Number Totsl There were no employee8 whose annual remuneration was more than £60,000. Galn• •nd 10¥9•g on InveJtm•nt• Unr•strlct•d Unrestrfctgd funds fund• 2024 2023 Gaing111083esl ar181ng on- Sala of investrnènls Rovaluatlon of Investment propertles 117,6571 50,683 26,776 33,006 26,778 10 Taxatlon The Gh8rtty 18 exempl from taxatlon it8 8Ctivill8s becau8e all 118 income 18 gppllèd for chantsblè purposes. 11 Invostmont prop#rty 2024 Falr valuè Al 6 April 2023 Nel gains or loyses through fair value adluslmenls 150,000 50,000 At 5 Aprll 2024 200.000 Inve81ment property comprlses one propety. The fair value of the investment PTopth has been arrived at fc41owing 8 valuation carried out by the trusteès on the basis of CUTrenl m8rket condib"ons. 2024 2023 Freèhold 150,000 150,000 10-
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Flxed asset Inv•sthientg Unll8ted Investm•nts Cost er valuatlon Al 8 Aw'l 2023 Valuation changes N•1 Surplus Repayments Disposals 623,091 663 37.847 129,901) 121,455) Al 5 April 2024 810,245 Carylng 4mount Al 05 April 2024 610.245 At 05 April 2023 623,091 13 Dèbtor• 2024 2023 Amounts falllng du• *Althln on• yoar.. Other debtors 40,347 116,018 14 Crndltor•: amount• f•lllng due wlthln on• yo¥r 2024 2023 Trade crèdli Other credito Accruals and deferred Income 3,800 75,000 3,900 1,035.000 4,800 1,039,800 82.800
THE HOLDEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 16 Unrestrlcted funds The unrestricted funds of th8 charity comprise the unexpended balances of donations and grant5 which are not sufy'ect to speafic conditions by donor5 and grantors as lo how they may be usod. These include designated funds which have been sel aside out of unrestricted funds by the trustee8 for specific purposes. At 5 Aprfl 2024 At 6 Aprfl 2023 Incomlng RMourco• resourc•s •xponded G•Sn8 and lo¥s Gonaral funds 850.059 57.062 1679,3221 33.006 280.805 Prnvlou• y•ar. At 6 Aprll 2022 Incomlng R•sourceA r•sourco• •xp•ndod Galns •nd 10•00• At 5 ApTII 2023 General funds 881,789 531,882 1390.1481 26,776 850,059 16 Events aft8r the r•portlng dato Thero were no post balance sheel events vthlch requlred diselo8ure al the balance shoel date. 17 R•l*t•d party tran••ctlon• Tran•8ctlons wlth r•lat•d partl Durfng the ye8r thère wore no donations received from rolaled partles Ihat requirad disdosure12023'. £01. At the ye8r end there was a £1,035,000 12023.. £75,000) loan balance ¢)wed lo Medal Housè Company, of which truste• D Loplan 18 a director and 8harehold8r. This loan is repayable on demand and 18 not incurring inter88t. 12-