CHARITY REGISTRATION NUMBER: 273184
The Tajtelbaum Charitable Trust Financial Statements
5 April 2023
GK & CO. LLP
Chartered Accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 0DH
The Tajtelbaum Charitable Trust
Financial Statements
Year ended 5 April 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
The Tajtelbaum Charitable Trust
Trustees' Annual Report
Year ended 5 April 2023
The trustees present their report and the financial statements of the charity for the year ended 5 April 2023.
Reference and administrative details
Registered charity name The Tajtelbaum Charitable Trust Charity registration number 273184 Principal office 21 Elstree Hill North Elstree WD6 3EL United Kingdom
The trustees
Mr E Tajtelbaum Mr H Frydenson Mrs S Tajtelbaum Mrs H Prager Auditor GK & Co. LLP Chartered Accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 0DH
Structure, governance and management
The charity was constituted by a Trust Deed dated 22nd August 1974 and is governed by this said Trust Deed.
The charity is organised so that the Trustees meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the Trustees.
The Trustees have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements. Each year the Trustees review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the Governors have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
The appointment and recruitment of new Trustees is laid out in the Charity's Governing Document. This is in accordance with the power set in S.36 of the Trustee Act 1925. The effect is to limit the number of trustees to 4. New Trustees would be trained as deemed appropriate.
The Charity's Trust Deed authorises the Trustees to make and hold investments.
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The Tajtelbaum Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Objectives and activities
The objects of the Charity are to foster education and moral and religious training in accordance with the doctrines and principles of the Orthodox Jewish faith. Also for the relief of poverty, sickness and infirmity.
In furtherance of its objects the charity continues to advance and donate money and support other charities with objects similar to those detailed above.
Public Benefit
The Trustees confirm that due regard has been paid to the public benefit guidance published by the Charity Commission.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate such risks.
Financial review
The charity does not partake in external funding activities and funds are derived from property and donations and legacies received. The attached Statement of Financial Activities shows donations and investment income received during the year amounting to £660,777.
Donations paid during the year totalled £676,499 including money spent on support costs. The resulting net deficit reduced funds carried forward at 5 April 2023 to £4,012,018.
The charity's activities are considered to be satisfactory in the light of the difficult economic conditions subsisting at this time.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely future administrative costs of the charity. The Charity's reserves are represented by unrestricted funds arising from past operating results, and a revaluation reseve which was increased during the year to £3,596,886.
At the year end, the charity had total unrestricted funds of £7,608,904. The Trustees are satisfied that the present balance of free reserves is sufficient to support anticipated expenditure.
Plans for future periods
The Trustees' objectives for the future are to continue to carry out its activities as detailed in their report.
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The Tajtelbaum Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report 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 requires the charity trustees to prepare financial statements for each 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, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.
The trustees' annual report was approved on 5 February 2024 and signed on behalf of the board of trustees by:
Mr E Tajtelbaum Trustee
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The Tajtelbaum Charitable Trust
Independent Auditor's Report to the Members of The Tajtelbaum Charitable Trust
Year ended 5 April 2023
Opinion
We have audited the financial statements of The Tajtelbaum Charitable Trust (the 'charity') for the year ended 5 April 2023 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The Tajtelbaum Charitable Trust
Independent Auditor's Report to the Members of The Tajtelbaum Charitable
Trust (continued)
Year ended 5 April 2023
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The Tajtelbaum Charitable Trust
Independent Auditor's Report to the Members of The Tajtelbaum Charitable
Trust (continued)
Year ended 5 April 2023
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and considered the risk of potential acts by the charity that could be construed as being contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation, Charities SORP (FRS 102) and Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and trustees. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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The Tajtelbaum Charitable Trust
Independent Auditor's Report to the Members of The Tajtelbaum Charitable
Trust (continued)
Year ended 5 April 2023
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
P Smulovitch (Senior Statutory Auditor)
Hallswelle House 1 Hallswelle Road London England NW11 0DH
For and on behalf of GK & Co. LLP Chartered Accountants & statutory auditor
5 February 2024
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The Tajtelbaum Charitable Trust
Statement of Financial Activities
Year ended 5 April 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 240,067 | 240,067 | 239,000 |
| Investment income | 5 | 420,703 | 420,703 | 436,435 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 660,770 | 660,770 | 675,435 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 676,499 | 676,499 | 642,260 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 676,499 | 676,499 | 642,260 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net (expenditure)/income | (15,729) | (15,729) | 33,175 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Other recognised gains and losses | ||||
| Gains from revaluation of fixed assets | 1,723,447 | 1,723,447 | – | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net movement in funds | 1,707,718 | 1,707,718 | 33,175 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 5,901,186 | 5,901,186 | 5,868,011 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 7,608,904 | 7,608,904 | 5,901,186 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 17 form part of these financial statements.
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The Tajtelbaum Charitable Trust
Statement of Financial Position
5 April 2023
| 5 April | 2023 | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 11 | 8,243,873 | 6,515,626 | |
| Current assets | ||||
| Debtors | 12 | 97,173 | 27,470 | |
| Cash at bank and in hand | 6,083 | – | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 103,256 | 27,470 | |||
| Creditors: amounts falling due within one year | 14 | 548,225 | 391,910 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net current liabilities | 444,969 | 364,440 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 7,798,904 | 6,151,186 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 15 | 190,000 | 250,000 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 7,608,904 | 5,901,186 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds: | ||||
| Fair value reserve | 3,596,886 | 1,873,439 | ||
| Other unrestricted income funds | 4,012,018 | 4,027,747 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total unrestricted funds | 7,608,904 | 5,901,186 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 16 | 7,608,904 ৶৶৶৶৶৶৶৶৶৶৶৶ |
5,901,186 ৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 5 February 2024, and are signed on behalf of the board by:
Mr E Tajtelbaum Trustee
The notes on pages 11 to 17 form part of these financial statements.
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The Tajtelbaum Charitable Trust
Statement of Cash Flows
Year ended 5 April 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net (expenditure)/income | (15,729) | 33,175 | |
| Adjustments for: | |||
| Dividends, interest and rents from investments | (420,703) | (436,435) | |
| Interest payable and similar charges | 79 | 217 | |
| Accrued (income)/expenses | (12,000) | 6,000 | |
| Changes in: | |||
| Trade and other debtors | (69,703) | (19,264) | |
| Trade and other creditors | 112,750 | (23,656) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Cash generated from operations | (405,306) | (439,963) | |
| Interest paid | (79) | (217) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net cash used in operating activities | (405,385) | (440,180) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 420,703 | 436,435 | |
| Purchase of tangible assets | (4,800) | – | |
| Proceeds from sale of tangible assets | – | 904 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net cash from investing activities | 415,903 | 437,339 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Net increase/(decrease) in cash and cash equivalents | 10,518 | (2,841) | |
| Cash and cash equivalents at beginning of year | (4,435) | (1,594) | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| Cash and cash equivalents at end of year | 13 | 6,083 | (4,435) |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
The notes on pages 11 to 17 form part of these financial statements.
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The Tajtelbaum Charitable Trust
Notes to the Financial Statements
Year ended 5 April 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 6 Barham Avenue, Elstree, WD6 3PN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared 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 sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic 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:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
The investment properties were all revalued by the trustees at 31st March 2023.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
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The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Receipts under Gift Aid | 240,067 | 240,067 | 239,000 | 239,000 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 420,703 | 420,703 | 436,435 | 436,435 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 6. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable Donations | 603,803 | 603,803 | 568,201 | 568,201 | |
| Support costs | 72,696 | 72,696 | 74,059 | 74,059 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 676,499 | 676,499 | 642,260 | 642,260 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 14 -
The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
7. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable Donations | 603,803 | – | 603,803 | 568,201 | |
| Property outgoings | – | 67,217 | 67,217 | 67,842 | |
| Governance costs | – | 5,479 | 5,479 | 6,217 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 603,803 | 72,696 | 676,499 | 642,260 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 8. | Analysis of support costs | ||||
| Property | |||||
| Expenses | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Property outgoings | 67,217 | 67,217 | 67,842 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| 9. | Auditors remuneration | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 5,400 | 6,000 | |||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Tangible fixed assets
| Land and | ||
|---|---|---|
| buildings | ||
| £ | ||
| Cost or valuation | ||
| At 6 April 2022 | 6,515,626 | |
| Additions | 4,800 | |
| Revaluations | 1,723,447 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| At 5 April 2023 | 8,243,873 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Depreciation | ||
| At 6 April 2022 and 5 April 2023 | – | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Carrying amount | ||
| At 5 April 2023 | 8,243,873 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| At 5 April 2022 | 6,515,626 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Debtors | ||
| 2023 | 2022 | |
| £ | £ | |
| Other debtors | 97,173 | 27,470 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
12. Debtors
- 15 -
The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
13. Cash and cash equivalents
Cash and cash equivalents comprise the following:
| Cash and cash equivalents comprise the following: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Cash at bank and in hand | 6,083 | – |
| Bank overdrafts | – | (4,435) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 6,083 | (4,435) | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Bank loans and overdrafts | – | 4,435 |
| Accruals and deferred income | 6,000 | 18,000 |
| Other creditors | 542,225 | 369,475 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 548,225 | 391,910 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Other creditors | 190,000 ৶৶৶৶৶৶৶৶৶ |
250,000 ৶৶৶৶৶৶৶৶৶ |
14. Creditors: amounts falling due within one year
15. Creditors: amounts falling due after more than one year
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 6 April 2022 | Income | Expenditure | losses | 5 April 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 4,027,747 | 660,770 | (676,499) | – | 4,012,018 |
| Revaluation reserve | 1,873,439 | – | – | 1,723,447 | 3,596,886 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 5,901,186 | 660,770 | (676,499) | 1,723,447 | 7,608,904 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At | Gains and | At | |||
| 6 April 2021 | Income | Expenditure | losses | 5 April 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 3,994,572 | 675,435 | (642,260) | – | 4,027,747 |
| Revaluation reserve | 1,873,439 | – | – | – | 1,873,439 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 5,868,011 | 675,435 | (642,260) | – | 5,901,186 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
- 16 -
The Tajtelbaum Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2023
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 8,243,873 | 8,243,873 |
| Current assets | 103,256 | 103,256 |
| Creditors less than 1 year | (548,225) | (548,225) |
| Creditors greater than 1 year | (190,000) | (190,000) |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 7,608,904 | 7,608,904 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 6,515,626 | 6,515,626 |
| Current assets | 27,470 | 27,470 |
| Creditors less than 1 year | (391,910) | (391,910) |
| Creditors greater than 1 year | (250,000) | (250,000) |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 5,901,186 | 5,901,186 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
18. Analysis of changes in net debt
| At 6 Apr 2022 | Cash flows | At 5 Apr 2023 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand | – | 6,083 | 6,083 |
| Bank overdrafts | (4,435) | 4,435 | – |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| (4,435) | 10,518 | 6,083 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
19. Related parties
(a) All donations received amounting to £240,067 (2022- £239,000) were from related parties.
(b) Donations amounting to £310,272 (2022- £291,761) were paid to related charities.
(c) Other creditors include £496,142 (2022- £335,893) owing to related parties.
(d) Amounts falling due after more than one year include £190,000 (2022 - £250,000) owing to related parties.
- 17 -