Charfty number. 272705 THE E M S ABRAHAM CHARITABLE TRUST UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5 APRIL 2024
THE E 11 S ABRAHAM CHARITABLE TRUST CONTENTS Pago R8f•rnnce and A(knlnl•lT•tlv• D•tsib of the Charfty. Its Tru5t•es and Athits•rn Trustses. Report IndgpgTh1gnt examin•e• R•port Statsm•nt of Flnanclal Actlvlti Balan¢6 She•t Not•¥ to the FIMnei•l Ststemèni8 9.14
THE E M S ABRAHAAI CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR ThE YEAR ENOED SAPRIL 2024 Trt005 J E Abraham Mr E M S Abrdham IresvJned 18 March 20241 E M Abraham (appointed 8 MaT¢h 20241 M ROle (appointed 18 March 2024) Charlty regist•r•d nUMr 272705 Princlpal offlGo Flat 4 86 Poruand Pla¢¥ L6)n W1B 1NU Accountants Sopher + Co LLP Chartered Axountanis 5 Elstree Gate Eistree Way Hertfordshire WC6 1JD Bank• Standard Chartered (Jersey) Ltd PO 8ox 80 15 Cèstle Street st Helw Jersey JE4 8PT Pagg 1
THE E M S ABRAHAM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report tog•th•r vth the financial Ststements of the The E M S Abraham Charitable Trust for the year 6 &0ri12023 to S 4)ri12024. The financAal statements have been preparnd li accordance 1th the &CoUn9 polpies set ¢Jth in note 2 to the accounts and compty with the chanty's In1 deed. the chareS Act 2011 and Accounting and Reporting by Charities: Statement of Recommended PraCtiS applicable to charrlies preparing their accounts in accordance with the Finanaal Reporling Stancigrd applicabla in the UK and RepublK of Iland {FRS 1021. Obj•ctiv•J and acliviti•s a. PrAlcl•s and obJKtIvoS Ths prinupal obJ'o¢bve ofthe thlty is to provide funds for eral charitable pUlS8S. In setting objectives and planning for achva$. the Truste8s have given due conslderation to general guidance published by the Charrty Commissw)n relating to putrA¢c ben8fiL i1ludIng the 9uKlance 'Publi¢ benef. runnirMJ Charity IPB21'. b. Adlvlllo5 und•rtakgn to achleve obJKtiv•ts The Trustees have invested funds in a mixed portfolio of list&J investhlents with a view to maintsining enduring IrMe stream to fvnd the acllvitles of the charity for the for•sOble fijture. c. Gr•nt4n*king 1ClES It 1$ the poliry of the charity to make grants. duty approved a simple majority of the Trustees. to deseNing indmduals and tharitats in51ltuti5. Sh grnnts are rncognised wthen tPie condibons attachlng are fUlled. Achhvements and perfonnanc• a. Koy parforrn•nc• Indkatorn The Trustaés considèr InMe from investmonts. ngt movement in fu1$. value of inveslments and net a$sets to be the key perfornHn¢e indicators for the tharity. b. Rovlew of actSvltl•• Durkng the year, the Trust re¢eNed dNidend and Intefesl in¢ome from various Isted equities amoLmtiro lo £64,844 12023 - £87,493). Income from these investments is available to fimd current and future charitable activities. Donations lotaling £15,480 (2023- £64,899) were made in the year. . Invgstmgnt policy and prforniae The are no restrlctlons on the charity8 power lo invest. The investment stratagy is s8t by the Trustees to take account of renI (lemand for funds and the 4ualty of t fitnding apCatiOnS. The Tru5tee$ apply the capital and income of the Trust fvnd for such tharikNe purposes as they think fft at their discrelton. During thè year the Trust receNed dmdends from fisted investments arMI grated interest from ndS hehj on Bank deposits. Page 2
THE E M S ABRAHAM CHARITABLE TRUST TRUSTEES. REPORT ICONnNUED) FOR THE YEAR ENOED S APRIL 2024 Flnanclal rnvlew a. Golng ¢oncw After making appropriate enqulries. the Trustees have a reasonable expectation that the Charity has a(kquate rosour¢e$ to continue in op8rab.onal existence for the foreseeable future. For this reason, they Continue to adopt the going concem basis in preparing the financial statements. b. Rg50ry05 polky The Trustees polKy is to mwntsln suffioent reserves to meet the prrripa obigctives of the TrusL c. Futuro dw91opmonts The Trust•88 continue lo seek suilable opportunth lo enablo them to meet the prinGipal obltiveS of the charity. The Trustee8 continue to look to manage the charivs investments portrdKJ wilh a view to generatlng an ongoing stream of In¢(e sufficient lo meet Ih05e objectNes. Structurep gov•man¢o and m•nag•m•nt The E M S AhrahAm e.IwrilaNp Tnt81 i * rylstèred charrty. numb•r 272705, and ti consttht•d urKl•r a Trutt deed dal8d 7 December 1976. b. Mèthods of appolntm•nt or 91oCtlon of Tnmto Trustee5 are 8leced and rthopted under the temw ofthe Tn daed. The power of appointing MoVing the Intees is vèsted in the Board of the Trustees and they serve until they choose to retire. E M Abraham was appolntod as a tntstee on 8 March 2024 M ROFieI was ¥pointed as chaimian on 18 March 2024. c. Organlsatlonal Btructyrg and decisionwmaklng polkie The Trustees manage the day lo day runnvy Oftt trust d. Policios adoptsd for the Inducllon arml trainiTrJ ofTn*te•s Trnstees are made aware ofthe puFpo$8$ and aims ofthe charity, as thpll as thr geTaI and specrTrc duties. as determlned by the Chaimian. They are also prowded wilh a copy of The Good Trustee Guide. and the guidance "IY8 your dejn. tharty truste•s arNI decision making.. •. Rlsk maThaymont The Trustees have assessed the m8Jor risks to the Charrty 1$ exposed. in partilar those rnkgted to the operations and finances of the Charity, and arB satisfied that Systems and pri>cedure5 are in placè to mKtgate exposure lo the major risks. Page 3
THE E IA S ABRAHAM CHARfTA8LE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 Statement of Tn95. r•pon8lbllltl8$ The Trustees arè respon$ibSe for preparing the Trustees, Report and the financaal ststements n accordance wth applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generalty Accepted A¢Unting Pra¢ts'¢g1. The Iw appluble to charibes ¥1 EnglarKI & Wales requeS the Trustee5 to prepare financlal ststaments for each financial which gNe a tNe and fair of the stste of affaits of the Charity and of tts incoming resources and application of resources. IUdIng rts income aTrJ exwnditure. for that period. In pparing thèse financial statements, the Trustees are requred to.. select suilabk accounting p13 aTrJ then appty them ¢on$istenty' observe the methods and prirriples ofthe Charitses SORP (FRS 1021." make judgments and aceounb.ng •slimates that are reasonable and prudent stats V&thelher appli¢able UK Accounting Stsndard$ (FRS 1021 have bgon folbjwed, subject to Y material departures dis¢10$8d and explained in tha financial statements; prepare the finanaal staternents on the wng concern basis unless il ts inapproprHts to pre$ume that the Charity will continue in ISiness. The Truste are regponsible for keeplng adequate aOUnt1rVj records lh arè sufficient to show and explain the Charity's transactions and disdose reasonable accuracy at any time the finanual pos[on of th8 Charity and enable them to ensure that the finanual $tstements compty vith Ihe Charities Act 2011. the Charity (A¢¢ounts and Reports} Regulation$ 2008 and the provh8ions of the Trust deed. They are also regpc*nsible for safeguarding the assets of the Charity and hence for lakuig reasonable steps for the prevention and deleciion of fraud and other Irregularities. Approved by order of the members of tho board •rfv. Trustees on 4 FèbnAry 2025 signed on their behall by.. Ross.Fhld Trustee Page 4
THE E 11 S ABRAHAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Ind•pend•nt Examlnef Rèport to th• Tru¥lo93 of Th• E M S Abrnham crItabh Trust rthg Charlty I report to the charity Trustees on my examinalion of the accounts of the Charity for the year ethd 5 April 2024. RopoMlblllll•s and Ba818 of Roport As the Trustees of the Chanty yU are resFon%ble for the preparalion of Ihe accounts in ¥crydanGe wlth the requirements of the Charitaes Act 2011 Ilhe 2011 W. I report in SpeCt of my examination of the Chariil$ aczounts carried OLrt under section 145 of the 2011 Act and in carrying OLrt my examination I have folbwpd the aOicabte Diredions gvon by the Charrty Commission Lder sectlon 145(5)(b) of 2011 Act. Ind•p•ndont Examin•rfs 3tat•mwrt Your attentKJn is drawn to the fact that the Charrty has prepared anIS in acctydance wth Accounting and Reporting by Charibes.. Ststement of Recommended Practice apP1hb to chariknes preparing their accounts in atxordance %h the FinanrAal Repming Stsndanl appIable in the UK and Republic of Ireland IFRS 1021 In preference to the Accounting and Reporting by Charibes.. Statement of Recommended Practic8 issu8d on l April 2005 vthich is refèrred to in the extant regulab'on$ but has bèen wrthdrawn. l understand thot thi% has been done in order for Ihe accounts to prDvide a true and frdlrview In sccordance WTth the Generalty Accepted Accounting Practice •ffe¢fNe for PortIng periods beginning on or after 1 January 2015. I have completed my exanlnation. I confirn) that no matter5 have Gome to my attenlion in Connection the examination gmng me cause to believe that in any material respect.. accounting records We not kept in respect of the Charity as I11ed by sectlon 130 of the 2011 Art or the accounts do not aOrd ¥th those reconls: or the a¢counts do not compty the appllcable requirements concemlng the fom and content of accounts set OLrt in the Charibes (Accounts and Reports) Regulat•Jns 2008 other than any requlrement that the accounts gNe a and fairf vw vrtlich 18 not a matter considered as part of an independent examination. I have no concems and have come acro$$ oth8r matters in conneclion w6th the examlnauon to [ch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Pagg 5
THE E M S ABRAHAM CHARITABLE TRUST INDEPE14DENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 This report is mado solety to the CharilY$ Trustees. a5 a body. in accordance Imth Part 4 of the Charities {A¢uts and Reports) Regulats"ons 2008. My has been undertaken so that I might state to the Charitys Trustees those matters l am required to state to them in an Independerrt Examinerfs Report and for no other Purpose. To the fijllesl extent pennitted by kn¥. I do nol apt or assume responsibilty to anyone other than the Charity and the Charrtl8 Trustees as a body. for my work orfor this rewt. Signed.. Dated: 4 Fobruary 2025 st8phen Iseman FCA Soph•r + Co LLP Chartered Accountsnts 5 Elstree Gate Elstree Way Hertfordshiie WD6 1JD Page 6
THE E M S ABRAHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Tolal funds 2024 fund$ 2024 funds 2023 Noto Incorno from: Inve5tm8nts 64.2 87,493 Totsl incom• 64.277 64.277 87,493 Exp8ndlturn on: Charllable activities 15A80 15N80 64,899 Totsl •xponditur• 15 15.480 64,899 Not Incom• b•forn ngt gains on inVlmonts Nel gains on investments 48,797 48,797 43.500 22,594 N•t InGOrné b•for• laAalI1
2,197 92,297 22.894 Not mov8rn•nt In fund b•for• oth•r r•cogniMd 9•In(lo¥SeI 92,297 92.297 22.594 Oth•r recognls•d vlnslllossl. Gains on rev8luation of ffixed assets 15,353 15,353 66.663 Net mOv•nnt In funds 107,650 107,650 89,257 R•¢onclllatlon of funds: Totsl funds brought forvrard Net movennt in funds 1280.930 107.650 4280,930 107.650 2,191,673 89,257 Totsl funds ¢arri6d for4Y4rd 2,388,580 2.3B8.580 2.280,930 The Statement of Financlal Activibes indudes all galns arKI losses recognised in the year. The notes on pages 9 to 14 form part of these financial stthnts. Page 7
THE E 11 S ABRAHAkl CHARThABLE TRUST BALANCE SHEET ASAT S APRIL 2024 2024 2023 Nole Fixed ass•ts Inve5trnents Cwrnnt ass•ts 1.769.062 2,040,209 Deblo Cash al bank and 41 hand 493 240.228 619,025 619.518 240,721 Total not a8•ets 1388.580 2.280,930 Charlty funds Unrestrtcted funds 2.388,$811 2,280.930 Totsl fvnds 1388,580 2,280,930 The finandal statements vme ap[0Ved and authoiisod for issue by the Trustee5 on 04 February 2025 and signed on their behalf by= Ross4ield Tru81ees The notes on pages 9 to 14 fonn part of thvJe financial st*ments. Page 8
THE E M S ABRAHAM CHARftABLE TRUST NOTES TO THE FINANCIAL STATEklENTS FOR THE YEAR ENDED S APRIL 2024 Gongral Infomiation Tho E M S Abraham Charitable Trust is an unlncorporated charity. The l$led office address 13 81 Flat 4, 86 Poruand Place, London. W1B 1NU. The members of Ihe charity arg the trustees named on page 1. The tharity 18 registereil the CPrtY CommisSn. The charitys register8d number 1$ 272705. The funCnI1 arKI presentalionaF currenry of the charlty £ StethTr3. Accountlng poll¢l• 2.1 Basi5 of proparatlon of financlal slat•m•nts The financlal statements have been prepared in aceordance wth the Chathles SORP (FRS 1021- Accounting and Reportlng by Charities.. Ststemenl of Recommended Pradce applicabla lo tharilies preparing Ihwr accounts in aCCoance vthh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20151, the Fiiancial Reporting Standard applicable In the UK Republ of Ireland IFRS 1021 and the Chariiies Act 2011. The financial statements have been pr8pare(I to gNe o Irue and lalf arwj have departed from the Charitses (Accounts and Reports) Regulations 2008 ofi to the extent required to prtsde a Yrue and fair wew. This departure has invofved folknmng the Charitses SORP IFRS 1021 publbshed on 16 July 2014 rather than the Accounb'ng and Reporflng by Charitses.. Statement of ReLx>mrnended Prac15ce effective from 1 Apr 2005 vthith ha5 since been vAthdrawn. The E M S Abraham Charitable Trust meets th• definTlion of a publK benefft enw under FRS 102. Asset$ and liabilits are intbalty recognised at historical cost or transaction value unless otheMi80 Stated in the rthvant atLx>unling policy. 12 Fund accountlng Genwd fund5 are unTestricte(l fttr)ds vhiich are available for use 81 the dis¢retiM of the Tru$leg$ In futheran¢e of the general objectives of the Chwity and whth have rK)t been designated for other purposes. Investment InD)m?, gavi8 and kn5ses arE alkxalgd to the approprlate fund. 13 In¢om• JI inwme h recoynised once the Charity has gnlitiemenl to the income, il is probable that th8 Income will be reNed and the amount of income r8ceNablo can bo Thasure(I rebably. Income tax recoverable in relan lo inVeStrn1 In¢>) recognised at the tirne the investment Incomg 1$ receIvab. 2A Exp•ndlturn Expenditure Is recognised once there is a legal or conslrucbve ObgatiOn to transfer economic benEfft to a third paty, it is prtsbate that a transfer of economic nfrtS wll be required in setdgmenl and the amount of the oblvjation can be measured reliably. ExpendrtUTe i8 dassffied by activty. Expenditure on thafitable activibes is incuffed on dire¢Uy undertaking the acvhies wh further the Charitys oblethes. as as any associalod support costs. Page 9
THE E M S ABRAHAM CHARITABLE TRUST MOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUnng pollelos {N>ntlnu•d) 2A EXnd11M (contind) Grants payable are charged in year en the offer 15 made except in those cases wthere the offer is conditional. such grants beirvJ recognised as expenditure vthen the condlllons attathing are fulfilled. Grants offered 8ubi8¢t lo ndOn$ vthich have not been met at the year end arg noted a5 a commitinent. but not accrued as expenditure. AJI expenditw8 is indusrrfe of ir•Ve1a VAT. IS Intsrost rnColvabl• Interest M fvnds held on deposjt 1$ reCeN8b and the amount can be measured reliably by the Charity,. thh8 is nom)alPy up)n notrfican of the intOTest paKI or payablo by the institution thè funds are depositei1. 2.6 Inveylm•nL% Fixed asset Invethents are a form of financial instrument and are initially recognised at their transacti¢)n cost and subsequentty measured al fair vaue at the Statement of Financial ACtIve3 dale, unless the value cannot be measured reliably in whh case rt is measured al cost less impaiment Investment gains and losses, whether realised or unroalised. ar8 combined and presented as'GainsllLosses) on Investrnents, in the Statement of Financ1 Activiti85. 17 D•btoYs Debtors are recognised at the sdUemenl amounL 18 Cash at bank and In hand Cash at bank and in hand indudes cash and short-tem) highty liqumj investrnents wlh a short maturity of three months or less from the date of a¢qubsn or opaning of Ihe deposlt or similar account. 2.9 Flnanclal In8trnmonts Th8 Charity only has financial assets and financial 1tabikn.es of a nd that qualfy as basic financial instruments. Basic ffinancial instrurnerts are initially recognised at transaction value and subsequenuy measured at their setllement value. Pago 10
THE E M S ABRAHAIIJ CHARITABLE TRUST NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 In¥Mtmont In¢¢m• UnrOBtrlctsd Total funds 2024 Total fund8 2023 2024 Income from local listed imiestmenis 8ank interest receNed 50.735 13,542 50,735 13,$42 84,837 2,656 64.2TI rA.2TI 87,493 Totsj 2023 87.493 87.493 Anaty%i• of r•sourc•s •xp•ndod by oXP9ndltsJrn ty Charftsb donattons 2024 Total fi•nds 2024 Total nds 2023 Charitable donations 15.480 15.480 64,899 Total 2023 64.899 64.899 8laff costs The charity has no employees Other than the Trustees. WIKJ did not recerve any remuneration {2023- £nir). No employee re¢elved rernun8ran amounlww to Ire than £60,000 in either year. P•Je 11
THE E M 8 ABRAHAM CHARThABLE TRUST NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Fixed asset Invv4tm8nts Invfjstmonts Cost or valuation At 6 Apth 2023 Dhposals Fair value Movem 1040,209 1286,5001 15.353 At 5 April 2024 1.769,062 Net book valu At 5 Aprl 2024 1.769.062 At 5 Aprl 2023 2.040,209 Debtorn 2024 2023 Otyr debtors 493 493 Page 12
ThE E 11 S ABRAHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 8tatsm•nt offvnds Ststsm•nt of funds • c1yrny••r Balance at 6 April 2023 GalnBI 8alan¢o at 5 ILos5•91 Aprll 2024 In¢omg Eynditu Unrestrlct8d funds Ganera Funds- all fLThIs 1280,930 64.277 1158801 58.853 2.388.580 St•t•m•nt of funds . Fwior y•ar Balance at 6 April 2022 Galnsl Balance at (LossBS) 5 April 2023 Income Expendthre Unrgstrlct•d funds General Funds- all fvrKIs 2.191,673 87,493 {64.8991 66.663 2.280.930 Analys1• of ngt amots b•t*wn funds Analysis of not assets b•ts¥wn nd0- Gurrnnt p•rfod Unrnstrlctsd funds 2024 Total funds 2024 Fixed asset investments Current ass81$ 1.769,082 619.518 1.769.062 619.S18 T¢)lal 2.388,580 2.388.580 Page 13
THE E M S ABRAHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED S APRIL 2024 Analysis of not a88•ts fu1& (contlnu•d) Analy%ls of not assats b•tvM•n fvnds. prior p•riod Total funds 2023 lunds 2023 Fixed asset inve8tmer)ts Current assets 2.040,209 240,721 2.040,209 240,721 T¢)tal 2,280,930 2.280.930 Page 14