NETZACH CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHARITY NUMBER 276232
NETZACH CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
The trustees have pleasure in presenting their report and the financial statements of the charitable trust for the year ended 31 December 2024. 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 JACOB JAKOBOVITZ CHAIM REICHBERG CHAIM SOLOMON GOLDMAN Charity Address 79 WARGRAVE AVENUE STAMFORD HILL LONDON N15 6TU Charity Number 276232 Accountants B OLSBERG & CO ENTERPRISE HOUSE 3 MIDDLETON ROAD MANCHESTER M8 5DT Independent Examiners 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:
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(a) Advancement of the Orthodox Jewish Religion.
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(b) Relief of poverty.
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(c) The support and advancement of such other charitable purposes, trusts and organisations as the trustees may from time to time determine.
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NETZACH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2024 (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 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.
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NETZACH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2024 (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 £707,846 and paid out grants of £670,605. Administrative costs were £4,577 and the net surplus for the period was £32,664 (2023 – £29,185).
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: 30 October 2025.
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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 2024 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:
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Examine the accounts under section 145 of the 2011 Act;
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To follow the procedures laid down in the General Directions given by the Charity Commission under section 125(5) of the 2011 Act; and
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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:
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(1) Which gives me reasonable cause to believe that, in any material respect, the requirements:
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To keep accounting records in accordance with s. 130 of the Charities Act 2011; and
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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
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(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
30 October 2025
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NETZACH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income and Expenditure Income Donations, grants etc Interest Resources Expended Charitable Distributions Bank Charges Accountancy Sundry Travel Office Total Resources Expended Surplus for the Year Balance Brought Forward |
2024 £ 707,846 707,846 670.605 127 1,080 48 1,288 2,034 675,182 32,664 31,791 64,455 |
2023 £ 152,571 |
|---|---|---|
| 152,571 | ||
| 122,279 112 840 - 155 - |
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| 123,386 | ||
| 29,185 2,606 31,791 |
There were no recognised gains and losses for the period ended 31 December 2024 other than those included in the statement of financial activities.
The notes form part of the financial statements.
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NETZACH CHARITABLE TRUST
BALANCE SHEET AS AT 31 DECEMBER 2024
| NOTE CURRENT ASSETS Bank Loan CREDITORS: Payable within 1 year 3 Net Current Assets REPRESENTED BY: Unrestricted Funds |
2024 2023 £ £ 23.535 10,471 42,000 23,000 65,535 33,471 (1,080) (1,680) 64,455 31,791 64,455 31,791 |
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Signed on behalf of the board of trustees.
Trustee Date 30 October 2025
The notes form part of these accounts.
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NETZACH CHARITBLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
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 |
2024 2023 £ £ 1,080 1,680 |
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