Charity registration number 279766
Company registration number 01235576 (England and Wales)
THE SIMCHA TRUST LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SIMCHA TRUST LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Y E Olewski (Appointed 30 January 2023) Mr S B Goldberg (Appointed 30 January 2023) Mr Y Y Gluzman (Appointed 7 September 2023)
Charity number 279766 Company number 01235576 Registered office 17 Margaret Road London N16 6UX Independent examiner Mr J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
THE SIMCHA TRUST LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE SIMCHA TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).
Objectives and activities
The charity's objects are that of the advancement of religion in accordance with the Orthodox Jewish faith, and the relief of poverty, and such other purposes as are recognised by English law as charitable there has been no change in these during the year.
In order to achieve these objectives the charity provides grants to educational institutions, charities, individuals in need and other organisations working to prevent or relieve poverty.
The charity also operates a voucher system, allowing donors control of their giving in an easy manageable, tax efficient manner.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The charity is funded by donations. Grants are made to charitable institutions and organisations which accords with the objects of the charity. The trustees consider all requests which they receive and make donations based on the level of funds available.
Achievements and performance
The charity received £118,893 in donations during the year and £105,204 was paid out by way of grants and support costs. Grants over £3,000 made during the year to institutions are as detailed in the accounts. These grants were made in line with the stated objects of the charity and were for the advancement of religion, educational and relief of poverty purposes.
Financial review
The financial position of the charity is satisfactory. The charity's statement of financial activities shows total reserves of £13,689.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which will not impinge on its ability to support Charitable institutions.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is controlled by its governing document, its memorandum and articles of association incorporated 28th November 1975 as amended 27th February 1980 and as amended on 23rd March 2023, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. It was registered as a charity on 08 April 1980.
- 1 -
THE SIMCHA TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr J Jakobovits (Resigned 30 January 2023) Mr C S Goldman (Resigned 30 January 2023) Mr D Freilich (Appointed 30 January 2023 and resigned 7 September 2023) Mrs M Blumenberg (Resigned 30 January 2023) Mr Y E Olewski (Appointed 30 January 2023) Mr S B Goldberg (Appointed 30 January 2023) Mr Y Y Gluzman (Appointed 7 September 2023)
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
.............................. Mr Y E Olewski Trustee Date: .............................................
- 2 -
THE SIMCHA TRUST LTD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIMCHA TRUST LTD
I report to the trustees on my examination of the financial statements of The Simcha Trust Ltd (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
- 3 -
THE SIMCHA TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 115,812 | - |
| Charitable activities | 4 | 3,081 | - |
| Total income | 118,893 | - | |
| Expenditure on: | |||
| Charitable activities | 5 | 105,204 | 92 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 13,689 | (92) | |
| Fund balances at 1 January 2023 | - | 92 | |
| Fund balances at 31 December 2023 | 13,689 | - |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
THE SIMCHA TRUST LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ 12,964 (7,752) |
£ 8,477 5,212 13,689 13,689 13,689 |
2022 £ - - |
£ - - |
|---|---|---|---|---|
| - | ||||
| - | ||||
| - |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
.............................. Mr Y E Olewski Trustee
Company registration number 01235576
- 5 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Simcha Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 17 Margaret Road, London, N16 6UX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Custom Branded Cards & Voucher Software 20% Straight Line Method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 7 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted funds 2023 £ Donations and gifts 115,812 4 Charitable activities Charitable Income 2023 £ Administration Fees 3,081 |
Total 2022 £ - |
|---|---|
| 2022 £ - |
- 8 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
5 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Depreciation and impairment | 2,119 | - |
| Charitable expenditure | - | 92 |
| 2,119 | 92 | |
| Grant funding of activities (see note 6) | 63,054 | - |
| Share of support costs (see note 7) | 37,392 | - |
| Share of governance costs (see note 7) | 2,639 | - |
| 105,204 | 92 | |
| Grants payable | ||
| Charitable | 2022 | |
| Expenditure | ||
| 2023 | ||
| £ | £ | |
| Grants to institutions: | ||
| Keren Chochmas Shlomo | 13,443 | - |
| Amud Hatzdokah Trust | 7,270 | - |
| Zlotchiv | 6,482 | - |
| Shtibel Gur Ltd | 3,493 | - |
| Other | 32,366 | - |
| 63,054 | - |
6 Grants payable
-
9 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
7 Support costs
| Support costs Governance costs £ £ Printing and Stationary 27,792 - General Office costs 9,600 - Accountancy - 1,800 Legal and professional - 756 Bank charges - 83 37,392 2,639 Analysed between Charitable activities 37,392 2,639 |
2023 £ 27,792 9,600 1,800 756 83 |
|---|---|
| 40,031 | |
| 40,031 |
Governance costs includes payments to the independent examiners of £2,100.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 10 -
THE SIMCHA TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
11 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Custom Branded Cards & | |
| Voucher Software | |
| £ | |
| Cost | |
| Additions | 10,596 |
| At 31 December 2023 | 10,596 |
| Depreciation and impairment | |
| Depreciation charged in the year | 2,119 |
| At 31 December 2023 | 2,119 |
| Carrying amount | |
| At 31 December 2023 | 8,477 |
12 Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2023 £ 3,552 2,400 1,800 7,752 |
2022 £ - - - |
|---|---|---|
| - |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
- 11 -