CHARITY REGISTRATION NUMBER: 278006
HP Charitable Trust Financial Statements
30 June 2021
HP Charitable Trust
Financial Statements
Year ended 30 June 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent auditor's report to the members | 5 to 9 |
| Statement of financial activities | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 to 20 |
HP Charitable Trust
Trustees' Annual Report
Year ended 30 June 2021
The trustees present their report and the financial statements of the charity for the year ended 30 June 2021.
Reference and administrative details
Registered charity name HP Charitable Trust Charity registration number 278006 Principal office 26 Lingwood Road London E5 9BN The trustees Mr A Piller Mrs H Piller Mr A Zonszajn Auditor Haffner Hoff Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
HP Charitable Trust is constituted by a Deed of Trust dated 28 March 1979 and is a registered charity, number 278006.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
The risks faced by the Charity relate to whether there is sufficient net investment income to enable grants to be paid out. However, the trustees can reduce grants in the unlikely event of a fall in investment income.
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HP Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 June 2021
Objectives and activities
The charity was formed for general charitable purposes, in particular the advancement of religion in accordance with the orthodox Jewish faith, the relief of poverty, and other purposes recognised by English law as charitable.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Investment Policy
Under the Trust constitution, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have invested in property. These investments are kept under constant review.
These investments have yielded returns of approximately 5% which is significantly higher than current rates of return on cash deposits.
Coronavirus
The long-term effect of the coronavirus pandemic on the charity's investments is not yet clear. As of the date of the signing of these accounts the tenant have by and large maintained payments as per leases, furnishing confidence in the ongoing viability of the charity's investments.
Achievements and performance
During the year the charity received £120,000 in donations and £270,178 in investment and other income.
During the year, the charity made grants totalling £432,426, these grants were in furtherance of its objectives and are detailed in the notes to the accounts .
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HP Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 June 2021
Financial review
As at 30 June 2021 the charity held free reserves of £788,413 (30 June 2020:£382,022).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. The trustees feel it is prudent to maintain reserves at such a level to enable the Charity to generate its own income, to maintain grants at previous years' levels.
True and fair override
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charities governing document, The Charities Act 2011 and the relevant version of 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).
Plans for future periods
The charity has adequate resources to continue distributing funds to other charities in accordance with its objects.
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.
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HP Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 June 2021
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 2 March 2022 and signed on behalf of the board of trustees by:
Mr A Piller Trustee
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HP Charitable Trust
Independent Auditor's Report to the Members of HP Charitable Trust
Year ended 30 June 2021
Opinion
We have audited the financial statements of HP Charitable Trust (the 'charity') for the year ended 30 June 2021 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 30 June 2021 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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HP Charitable Trust
Independent Auditor's Report to the Members of HP Charitable Trust (continued)
Year ended 30 June 2021
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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HP Charitable Trust
Independent Auditor's Report to the Members of HP Charitable Trust (continued)
Year ended 30 June 2021
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:
Auditor's approach to assessing the risks of material misstatement due to irregularities, including fraud. Detail of the auditor's approach to assessing the risks of material misstatement due to fraud and NOCLAR.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to including:-
Charity Act 2011 - as this entity is a charity;
AML provisions - inherent with all organisations.
FRS 102 reporting framework.
Data protection
The following particular considerations in respect of fraud were assessed. We assessed the risks of material misstatement in respect of fraud as follows:
Reviewed unusual or large transactions; Complex transactions if applicable; Analytical procedures; One off transactions.
We made fraud enquiries during the audit from:-
Management;
those charged with governance;
other analytical procedures to identify any unusual or unexpected relationships;
the audit team discussions to identify particular areas to misstatement or fraud;
the audit team attempted to identify any fraud risk factors in its discussion of related party relationships and transactions (ISA (UK) 550;
legal counsel as applicable;
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HP Charitable Trust
Independent Auditor's Report to the Members of HP Charitable Trust (continued)
Year ended 30 June 2021
Audit procedures designed to respond to the risks of NOCLAR.
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
Reviewing the entity's policies and procedures for compliance with those laws and regulations based on our knowledge of the client and the regulations.
Follow up of all suspected non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud that will be fully documented.
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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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.
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HP Charitable Trust
Independent Auditor's Report to the Members of HP Charitable Trust (continued)
Year ended 30 June 2021
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.
D Schwarz FCCA (Senior Statutory Auditor)
For and on behalf of Haffner Hoff Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
2 March 2022
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HP Charitable Trust
Statement of Financial Activities
Year ended 30 June 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 120,000 | 120,000 | 100,918 |
| Investment income | 5 | 270,178 | 270,178 | 284,567 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 390,178 | 390,178 | 385,485 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 61,900 | 61,900 | 61,720 |
| Expenditure on charitable activities | 7,8 | 440,721 | 440,721 | 426,171 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 502,621 | 502,621 | 487,891 | |
| ================================ | ================================ | ================================ | ||
| Net losses on investments | 11 | (125,525) | (125,525) | (3,994) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net expenditure and net movement in funds | (237,968) | (237,968) | (106,400) | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 5,971,192 | 5,971,192 | 6,077,592 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 5,733,224 | 5,733,224 | 5,971,192 | |
| ========================================= | ========================================= | ========================================= |
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 13 to 20 form part of these financial statements.
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HP Charitable Trust
Statement of Financial Position
30 June 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 15 | 5,445,518 | 6,121,998 | |
| Current assets | ||||
| Debtors | 16 | 66,952 | 105,488 | |
| Cash at bank and in hand | 826,965 | 363,172 | ||
| -------------------------------- | -------------------------------- | |||
| 893,917 | 468,660 | |||
| Creditors: amounts falling due within one year | 17 | 105,504 | 86,638 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 788,413 | 382,022 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 6,233,931 | 6,504,020 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 18 | (500,707) | (532,828) | |
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 5,733,224 | 5,971,192 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 5,733,224 | 5,971,192 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 19 | 5,733,224 | 5,971,192 | |
| ========================================= | ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 2 March 2022, and are signed on behalf of the board by:
Mr A Piller Trustee
The notes on pages 13 to 20 form part of these financial statements.
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HP Charitable Trust
Statement of Cash Flows
Year ended 30 June 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net expenditure | (237,968) | (106,400) |
| Adjustments for: | ||
| Net losses on investments | 125,525 | 3,994 |
| Dividends, interest and rents from investments | (265,081) | (272,647) |
| Other interest receivable and similar income | (5,097) | (11,920) |
| Accrued (income)/expenses | (1,200) | 5,400 |
| Changes in: | ||
| Trade and other debtors | 38,536 | (39,620) |
| Trade and other creditors | 10,565 | 33,192 |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | (334,720) | (388,001) |
| Interest received | 5,097 | 11,920 |
| -------------------------------- | -------------------------------- | |
| Net cash used in operating activities | (329,623) | (376,081) |
| ================================ | ================================ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 265,081 | 272,647 |
| Purchases of other investments | – | (307,706) |
| Proceeds from sale of other investments | 550,955 | 487,026 |
| -------------------------------- | -------------------------------- | |
| Net cash from investing activities | 816,036 | 451,967 |
| ================================ | ================================ | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | (22,620) | (20,959) |
| -------------------------------- | -------------------------------- | |
| Net cash used in financing activities | (22,620) | (20,959) |
| ================================ | ================================ | |
| Net increase in cash and cash equivalents | 463,793 | 54,927 |
| Cash and cash equivalents at beginning of year | 363,172 | 308,245 |
| -------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 826,965 | 363,172 |
| ================================ | ================================ |
The notes on pages 13 to 20 form part of these financial statements.
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HP Charitable Trust
Notes to the Financial Statements
Year ended 30 June 2021
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 26 Lingwood Road, London, E5 9BN.
2. Statement of compliance
The accounts (financial statements) have been prepared in accordance with the relevant version of 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) and The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the relevant version of 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
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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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
3. Accounting policies (continued)
Incoming resources
All income is 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:
- income from donations, grants or rents is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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, non-charitable 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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment properties are included in the accounts at their market value. Any gains or losses are taken to the Statement of Financial Activities.
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.
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
3. Accounting policies (continued)
Impairment of fixed assets (continued)
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 cash-generating 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 entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 120,000 | 120,000 | 100,918 | 100,918 |
| ================================ | ================================ | ================================ | ================================ |
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 265,081 | 265,081 | 272,647 | 272,647 |
| Bank interest receivable | – | – | 169 | 169 |
| Other interest receivable | 5,097 | 5,097 | 10,410 | 10,410 |
| Other incoming resources | – | – | 1,341 | 1,341 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 270,178 | 270,178 | 284,567 | 284,567 | |
| ================================ | ================================ | ================================ | ================================ |
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Agent commission | 21,317 | 21,317 | 18,083 | 18,083 |
| Legal & Professional | 760 | 760 | 621 | 621 |
| Repairs | 16,009 | 16,009 | 14,480 | 14,480 |
| Loan Interest | 15,213 | 15,213 | 18,787 | 18,787 |
| Insurance | 6,606 | 6,606 | 7,104 | 7,104 |
| Rates and utilities | 367 | 367 | 2,591 | 2,591 |
| Sundry | 1,628 | 1,628 | 54 | 54 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 61,900 | 61,900 | 61,720 | 61,720 | |
| ============================ | ============================ | ============================ | ============================ |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 432,426 | 432,426 | 420,772 | 420,772 |
| Support costs | 8,295 | 8,295 | 5,399 | 5,399 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 440,721 | 440,721 | 426,171 | 426,171 | |
| ================================ | ================================ | ================================ | ================================ | |
| Expenditure on charitable activities by activity type | ||||
| Grant funding | Support | Total funds | Total fund | |
| of activities | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 432,426 | 2,600 | 435,026 | 420,772 |
| Governance costs | – | 5,695 | 5,695 | 5,399 |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 432,426 | 8,295 | 440,721 | 426,171 | |
| ================================ | ======================= | ================================ | ================================ |
8. Expenditure on charitable activities by activity type
9. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | |||
| activity 1 | Total 2021 | Total 2020 | |
| £ | £ | £ | |
| Governance costs | 5,400 | 5,400 | 5,400 |
| ======================= | ======================= | ======================= |
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
10. Analysis of grants
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Grants to institutions | ||||
| Care All Ltd | – | 44,500 | ||
| Chevra Mo'oz Ladol | 10,000 | 20,000 | ||
| C M Z Ltd | 25,000 | – | ||
| Edupoor | – | 25,000 | ||
| Friends Of Beis Chinuch Lebonos | 65,000 | – | ||
| Friends Of Beis Soroh Schenirer | 50,000 | – | ||
| Friends of Gur Foundation Israel | 50,000 | 65,000 | ||
| Kehal Yisroel D'Chasidei Gur | 10,000 | 9,050 | ||
| Keren Chochmos Shlomo Trust | – | 15,000 | ||
| Keren Hatzolas Doros Alei siach | 18,000 | 56,300 | ||
| Lev Simcha Talmudical College | 50,000 | – | ||
| Mercas Hatorah Belz Machnovke | 38,000 | 35,000 | ||
| Mifal Hachessed Vehatzdokoh | 10,000 | 10,000 | ||
| New Rachmastrivka Synagogue Trust | 25,000 | – | ||
| One Heart- Lev Echod | 12,000 | – | ||
| Other Grants | 32,726 | 63,522 | ||
| Shir Chessed Beis Yisroel | 11,700 | 47,400 | ||
| Support The Charity Worker | 15,000 | 20,000 | ||
| Wlodowa Charity and Rehabilitation Trust | – | 10,000 | ||
| Yad Vochessed | 10,000 | – | ||
| -------------------------------- | -------------------------------- | |||
| 432,426 | 420,772 | |||
| -------------------------------- | -------------------------------- | |||
| Total grants | 432,426 | 420,772 | ||
| ================================ | ================================ | |||
| Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains/(losses) on investment property | (125,525) | (125,525) |
(3,994) | (3,994) |
| ================================ | ================================ | ======================= | ======================= | |
| Auditors remuneration | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Fees payable for the audit of the financial statements | 3,000 | 3,000 | ||
| ======================= | ======================= |
11. Net losses on investments
12. Auditors remuneration
13. Staff costs
Nil
Nil
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.
15. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 July 2020 | 6,121,998 |
| Additions | – |
| Disposals | (676,480) |
| ----------------------------------------- | |
| At 30 June 2021 | 5,445,518 |
| ========================================= | |
| Impairment | |
| At 1 July 2020 and 30 June 2021 | |
| Carrying amount | |
| At 30 June 2021 | 5,445,518 |
| ========================================= | |
| At 30 June 2020 | 6,121,998 |
| ========================================= |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at market value as per various experienced external valuers
16. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 341 | – |
| Other debtors | 66,611 | 105,488 |
| ---------------------------- | -------------------------------- | |
| 66,952 | 105,488 | |
| ============================ | ================================ | |
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts - secured | 24,500 | 14,999 |
| Accruals and deferred income | 10,800 | 12,000 |
| Other creditors | 70,204 | 59,639 |
| -------------------------------- | ---------------------------- | |
| 105,504 | 86,638 | |
| ================================ | ============================ |
17. Creditors: amounts falling due within one year
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
18. Creditors: amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts - secured | 500,707 | 532,828 |
| ================================ | ================================ |
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | Gains and | At | ||||
| 1 | July 2020 | Income | Expenditure | losses | 30 Jun 2021 | |
| £ | £ | £ | £ | £ | ||
| General funds | 5,971,192 | 390,178 | (502,621) | (125,525) | 5,733,224 |
|
| ========================================= | ================================ | ================================ | ================================ | ========================================= | ||
| At | Gains and | At | ||||
| 1 | July 2019 | Income | Expenditure | losses | 30 June 2020 | |
| £ | £ | £ | £ | £ | ||
| General funds | 6,077,592 | 385,485 | (487,891) | (3,994) | 5,971,192 |
|
| ========================================= | ================================ | ================================ | ======================= | ========================================= |
20. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Investments | 5,445,518 | 5,445,518 |
| Current assets | 893,917 | 893,917 |
| Creditors less than 1 year | (105,504) | (105,504) |
| Creditors greater than 1 year | (500,707) | (500,707) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,733,224 | 5,733,224 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Investments | 6,121,998 | 6,121,998 |
| Current assets | 468,660 | 468,660 |
| Creditors less than 1 year | (86,638) | (86,638) |
| Creditors greater than 1 year | (532,828) | (532,828) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,971,192 | 5,971,192 |
| ========================================= | ========================================= |
21. Analysis of changes in net debt
| At | |||
|---|---|---|---|
| At 1 Jul 2020 | Cash flows | 30 Jun 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 363,172 | 463,793 | 826,965 |
| Debt due within one year | (14,999) | (9,501) | (24,500) |
| Debt due after one year | (532,828) | 32,121 | (500,707) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| (184,655) | 486,413 | 301,758 | |
| ================================ | ================================ | ================================ |
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HP Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2021
22. Related parties
Mr A Piller, Mrs H Piller and Mr A Zonszajn, trustees of HP Charitable Trust are also Trustees of M & B Charitable Trust. Included in Other Debtors is £300 (2020:£300) due from M & B Charitable, this loan is interest free and repayable on demand.
Mr A Piller is also the Director of AA1 Ltd.
During the year, AA1 Ltd borrowed money from HP Charitable Trust at an interest rate of 8%, the balance at the year end was £50,084 as well as £10,928 of interest payable.The loan and interest was fully repaid by the date of signing of these accounts.
Mr A Piller is also a trustee of The MK Charitable Trust. During the year, The MK Charitable Trust donated £120,000 to HP Charitable Trust.
During the year Mr A piller borrowed £14,789.This loan attracted an interest charge at 8%. The loan was repaid in full by the end of the year, however there was interest outstanding of £4412 at the year end. The interest has now been repaid
- 20 -