**Charity Registration No. 280403**
## **ERIC CHARLES CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **ERIC CHARLES CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** J F Charles H M Charles **Charity number** 280403 **Principal address** 38 Chester Close North London NW1 4JE **Independent examiner** David Scott ACA Chartered Accountants 38 Warren Street London W1T 6AE
## **ERIC CHARLES CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Statement of financial position|6|
|Notes to the financial statements|7 - 12|
## **ERIC CHARLES CHARITABLE TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees present their report and accounts for the year ended 5 April 2021.
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 Charities Act 2011 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 for the public benefit**
The charity's objects include wide charitable purposes at the discretion of the trustees. There are no restricted or endowment funds. The charity's objects are to raise income through donations in order to make charitable contributions as the trustees see fit.
The charity receives donations of cash and from the personal investment portfolio of one of the trustees who transferred investments into the charity during the year.
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities and setting the grant making policy for the year.
In accordance with the charity's objectives, donations are made to a wide range of charitable causes which directly benefit people in the field of religious activities, education, healthcare, arts and culture and the community.
## **Achievements and performance**
The charity generates income from donations and gifts to make charitable contributions to wide charitable purposes at the discretion of the trustees to benefit religious activities, education, healthcare, arts and culture, and the community.
## **Financial review**
The Statement of Financial Activities, set out on page 5 of the accounts, shows how the charity's incoming resources have been expended during the year ended 5 April 2021.
The charity continues to maintain a fund base from which the income generated is distributed through grant making activities.
## Income
The charity was gifted investments to the value of £56,777 (2020: £54,950). The investments were subsequently sold creating a loss on disposal of £1,796 (2020: £541) and the cash received of £54,981 (2020: £54,409) was used to make charitable contributions. A legacy payment of £25,000 is due to the charity.
## Charitable contributions
The charity made £34,290 (2020: £52,865) of charitable contributions in the period to benefit religious activities, education, healthcare, arts and culture and the community.
## Unrestricted funds
During the year ended 5 April 2021 the charity had a surplus for the year of £45,091 (2020: £944). The charity had net assets of £47,654 and funds available to meet all obligations.
The charity's unrestricted funds at the year end totalled £47,654 (2020: £2,563).
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## **ERIC CHARLES CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **Investment policy and performance**
It is the policy of the charity to distribute up to 100% of net income, provided this does not conflict with the charity's policy to maintain free reserves, as represented by net current assets , at a level which is considered adequate to cover short term requirements and to retain adequate liquid resources to meet current projected payments or to respond to an emergency. At the balance sheet date, the charity had net current assets of £47,654. The Trustees are satisfied that the current level of reserves are appropriate to the charity's circumstances.
The charity follow s a policy of maximising the return on investments while ensuring acceptable levels of risk. The trustee s consider whether performance has been matched to objectives.
## **Risk management**
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.
## **Plans for the future**
The charity's future plan is to work in a most efficient and effective way towards achieving its objectives and receiving the best return on its investments.
The charity plans to continue to find suitable and deserving causes to provide grant funding for projects which comply with the charity's objectives.
## **Structure, governance and management**
The charity was established by a charitable trust deed on 19 December 1979, as amended by a deed dated 2 June 1980.
The policies adopted in furtherance of these objects are normally exclusively to benefit religious activities, education, research, healthcare and any other charitable projects the trustees think fit.
The power of appointing a new or additional trustee is vested in the Settlor of the trust deed being Eric Charles during his lifetime. The total number of trustees shall not exceed four or be less than two.
The trustees who served during the year were: E A Charles (Deceased 27 December 2020) J F Charles H M Charles
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## **ERIC CHARLES CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **Statement of Trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Report and the accounts 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 trustees to prepare accounts for each financial 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 year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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 report was approved by the Board of trustees.
## **H M Charles**
Dated: 31 August 2021
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## **ERIC CHARLES CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ERIC CHARLES CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of Eric Charles Charitable Trust (the charity) for the year ended 5 April 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
## **David Scott ACA**
Independent Examiner 38 Warren Street London W1T 6AE
Dated: 1 September 2021
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## **ERIC CHARLES CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2021**|2020|
||**Notes**|
**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|81,777|54,950|
|**Expenditure on:**||||
|Charitable activities|**3**|34,890|53,465|
|Net losses on investments|**8**|(1,796)|
(541)|
|**Net income for the year/**||||
|**Net movement in funds**||45,091|944|
|Fund balances at 6 April 2020||2,563|1,619|
|**Fund balances at 5 April 2021**||47,654|2,563|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## **ERIC CHARLES CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 5 APRIL 2021**_
|**Notes**
**Current assets**
Trade and other receivables
**9**
Cash at bank and in hand
**Current liabilities**
**10**
Net current assets
**Income funds**
Unrestricted funds|**2021**
**£**
25,000
23,254
48,254
(600)|**£**
47,654
47,654
47,654|**2020**
**£**
2,650
513
3,163
(600)|**£**
2,563
2,563
2,563|
|---|---|---|---|---|
The financial statements were approved by the Trustees on 31 August 2021
H M Charles **Trustee**
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **Charity information**
The Eric Charles Charitable Trust is a charity registered in England and Wales. The charity's business address is 38 Chester Close North, London, NW1 4JE. The nature of the charity's operations and principal activities are set out in the Trustees' Report.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 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)". 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these accounts are rounded to the nearest £.
The accounts 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 accounts, 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 accounts.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **1.4 Incoming resources**
All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
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.
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Resources expended are included in the statements of financial activities on an accrual basis.
Grants awarded are charged in the year when the offer is conveyed to the recipient, irrespective of the period covered by the grant, such grants being recognised as expenditure.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
## **1.6 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 .
## **1.7 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables 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 trade and other payables 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 p aymen ts 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **2 Donations and legacies**
|Donations and gifts
Legacies receivable
**Donations and gifts**
Donations of investments|**2021**
**£**
56,777
25,000
81,777
56,777
56,777|2020
£
54,950
-
54,950
54,950
54,950|
|---|---|---|
## **3 Charitable activities**
|**Education Health and**
**Medical**
**Religious**
**activities**
**Overseas**
**aid, arts**
**and culture**
**and general**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
Grant funding of activities
(see note 4)
10,300
4,190
18,000
1,800
Share of governance costs
(see note 5)
180
73
315
32
10,480
4,263
18,315
1,832|**Total**
**2021**
**£**
34,290
600
34,890|**Total**
**2020**
**£**
52,865
600
53,465|
|---|---|---|
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **4 Grants payable**
|**Education Health and**
**Medical**
**Religious**
**activities**
**Overseas**
**aid, arts**
**and culture**
**and general**
**£**
**£**
**£**
**£**
Grants to institutions:
Maccabi GB
300
-
-
-
Chai-Lifeline Cancer
Care
-
-
-
-
Ben Gurion University
Foundation
10,000
-
-
-
Jewish Womens Aid
-
-
-
300
United Synagogue
-
-
3,000
-
Tiny Tim's Children's
Centre
-
120
-
-
Central Synagogue
-
-
15,000
-
The Cure Parkinson's
Trust
-
320
-
-
Jewish Care
-
2,500
-
-
United Jewish Israel
Appeal
-
-
-
1,500
Nightingale Hammerson
-
-
-
-
Action Against
Discrimination
-
-
-
-
Magen David Adom UK
-
500
-
-
Camp Simcha
-
250
-
-
Norwood Ravenswood
-
500
-
-
The British Red Cross
Society
-
-
-
-
Turn 2 Us UK
-
-
-
-
Youth Aliyah - Child
Rescue
-
-
-
-
10,300
4,190
18,000
1,800|**Total**
**£**
300
-
10,000
300
3,000
120
15,000
320
2,500
1,500
-
-
500
250
500
-
-
-
34,290|**2020**
**£**
-
250
25,000
-
3,000
-
17,765
-
1,500
1,250
1,000
500
500
-
500
100
500
1,000
52,865|
|---|---|---|
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **5 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Independent examiner's fee
-
600
-
600
Analysed between
Charitable activities (note 4)
-
600|**2021**
**£**
600
600
600|**2020 Basis of**
**allocation**
**£**
600 Governance
600
600|
|---|---|---|
## **6 Trustees**
None of the trustees received any remuneration or benefits from the charity during the year.
## **7 Employees**
There were no employees during the year.
## **8 Net gains/(losses) on investments**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Loss on sale of investments|(1,796)|
(541)|
|**9**|**Trade and other receivables**|||
|||**2021**|**2020**|
||**Amounts falling due within one year:**|**£**|**£**|
||Other receivables|-|2,650|
||Prepayments and accrued income|25,000|-|
|||25,000|2,650|
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## **ERIC CHARLES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**10**|**Current liabilities**|||
|---|---|---|---|
|||**2021**|**2020**|
|||**£**|**£**|
||Accruals and deferred income|600|600|
## **11 Related party transactions**
Eric Charles, a former trustee of the charity, donated investments totalling £56,777 (2020: £54,950).
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