2023-12-31-accounts - The Netzach Charitable Trust

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NETZACH CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY NUMBER 276232

NETZACH CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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Contents
Trustees Report 3
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9
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NETZACH CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees have pleasure in presenting their report and the financial statements of the charitable trust for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities’ 2005 in preparing the financial statements of the Charity.

REFERENCE AND ADMINISTRATIVE DETAIL

Trustees

Charity Address Charity Number Accountants

Independent Examiners

JACOB JAKOBOVITZ CHAIM REICHBERG CHAIM SOLOMON GOLDMAN 79 WARGRAVE AVENUE STAMFORD HILL LONDON N15 6TU 276232 B OLSBERG & CO ENTERPRISE HOUSE 3 MIDDLETON ROAD MANCHESTER M8 5DT B OLSBERG & CO ENTERPRISE HOUSE 3 MIDDLETON ROAD MANCHESTER M8 5DT

OBJECTIVES OF NETZACH CHARITABLE TRUST

The charity is constituted by trust deed dated 16 May 1978 and its objects are:

(a) Advancement of the Orthodox Jewish Religion.
(b) Relief of poverty.
(c) The support and advancement of such other charitable purposes, trusts and organisations as the trustees may from time to time determine.

NETZACH CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2023 (CONT…)

LEGAL STATUS

The charitable trust is constituted by trust deed dated 16 May 1978 which has not been amended.

RISK MANAGEMENT

The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.

PUBLIC BENEFIT

The trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

TRUSTEES

The trustees have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission.

The board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.

TRUSTEES INDUCTION AND TRAINING

Most trustees are already familiar with the practical work of the charity having received guidance from the existing trustees prior to appointment. New trustees are further encouraged to attend training sessions organised by the charity.

PRINCIPAL ACTIVITY AND REVIEW OF THE YEAR

The principal activity of the Charity in the year under review was raising funds from donations for the purposes of its objects.

ORGANISATION

The charity is managed by the trustees of the charity.

REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS

The financial statements for the year show a surplus of £29,185 (2022 – deficit of £12,627). The trustees consider the financial position of the charity to be satisfactory.

The financial statements conform to current statutory requirements and comply with the Charity's governing documents.

NETZACH CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2023 (CONT…)

RESERVES POLICY

The trustees retain reserves as necessary and where appropriate, consolidate funds in order to make more substantial grants which they feel to be appropriate.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

The charity received donations etc in period of £152,571 and paid out grants of £122,279. Administrative costs were £1,107 and the net surplus for the period was £29,185. (2022 – deficit of £12,627.)

THE TRUSTEES

The trustees who served the charitable trust during the period are shown above.

RESPONSIBILITIES OF THE TRUSTEES

The Charities Act 2011 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 at the end of the year and of the net incoming or outgoing resources for the year then ended.

In preparing those financial statements, the trustees are required to select suitable accounting policies, as described on page 9, and then apply them on a consistent basis, making judgements and estimates that are reasonable and prudent. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will be able to continue.

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 trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the detection of fraud and other irregularities.

SIGNED ON BEHALF OF THE TRUSTEES:

……………………………………………… CS Goldman – Trustee Dated: 28 May 2024.

NETZACH CHARITABLE TRUST

(Registered Charity Number 276232)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NETZACH CHARITABLE TRUST

I report on the accounts of the Trust for the period ended 31 December 2023 which are set out on pages 7 to 9.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The Charity is preparing accrued accounts and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountant (England and Wales).

It is my responsibility to:

Examine the accounts under section 145 of the 2011 Act;
To follow the procedures laid down in the General Directions given by the Charity Commission under section 125(5) of the 2011 Act; and
To state whether particular matters have come to my attention.

Basis of Independent examiners’ report

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiners’ statement

In connection with my examination, no matter has come to my attention:

(1) Which gives me reasonable cause to believe that, in any material respect, the requirements:
To keep accounting records in accordance with s. 130 of the Charities Act 2011; and
To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
(2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Bernard Olsberg B Olsberg & Co Chartered Accountants

Enterprise House, 3 Middleton Road, Manchester M8 5DT 28 May 2024

NETZACH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note Income and Expenditure Income Donations, grants etc Interest Resources Expended Charitable Distributions Bank Charges Accountancy Sundry Travel Total Resources Expended Surplus (Deficit) for the Year Balance Brought Forward	2023 £ 152,571 152,571 122,279 112 840 - 155 123,386 29,185 2,606 31,791	2022 £ 499,107 27
		499,134
		510,560 313 840 48 -
		511,761
		(12,627) 15,233 2,606

There were no recognised gains and losses for the period ended 31 December 2023 and 30 June 2022 other than those included in the statement of financial activities.

The notes form part of the financial statements.

NETZACH CHARITABLE TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

	NOTE	2023	2022
		£	£
CURRENT ASSETS
Bank		10,471	3,446
Loan		23,000	-
		33,471	3,446
CREDITORS:
Payable within 1 year	3	(1,680)	(840)
Net Current Assets		31,791	2,606
REPRESENTED BY:
Unrestricted Funds		31,791	2,606

Signed on behalf of the board of trustees.

Trustee Date 28 May 2024

The notes form part of these accounts.

NETZACH CHARITBLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and comply with the Statement of Recommended Practice 2005 'Accounting and Reporting by Charities'.

Incoming Resources

Voluntary income is received by way of donations and gifts and is included gross in the Statement of Financial Activities.

Unrestricted Fund

Unrestricted funds are donations and other income received or generated for the charitable purposes of the charity.

Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Management and administration

Management and administration costs of the charity relate to the central costs of management including the costs of meetings, independent examiners fees and statutory compliance.

2. DIRECT CHARITABLE EXPENDITURE

The charity made donations and grants to institutions and individuals for worthy orthodox Jewish causes in line with the objects of the charity.

3. CREDITORS Payable within one year Accruals	2023 2022 £ £ 1,680 840