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2024-03-31-accounts

Charity registration number 291318 (England and Wales)

SHEMTOV CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

SHEMTOV CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr S Halpern Mrs G Halpern Mr I Halpern Charity number 291318 Principal address Prestbury House 46 Bury New Road Prestwich Manchester M25 0JU Auditor Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Bankers HSBC 2-4 St Anns Square Manchester M2 7HD

SHEMTOV CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 21

SHEMTOV CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Shemtov Charitable Trust exists to receive and distribute charitable donations to worthy causes within the Jewish community. The trustees confirm that they have referred to guidance contained in the commissioners' general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity's main income is generated from investment income and donations under the gift aid scheme. Most of this income is distributed to religious, educational and similar charities.

The principal objective of the trust for the year is to maintain a stable flow of donations to worthy causes in the Jewish community. The trustees also aim to expand the charity's investment portfolio whenever the opportunity arises.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity maintained its significant activities in the year. This consisted of maintaining its investment properties,ensuring they are let to premium tenants and that rents are collected on time. Additionally the charity collects donations from business' and other charitable trusts that share the same aims.

The trustees have identified a number of Orthodox Jewish charities which profess and teach the principles of traditional Judaism or which carry out activities which advance religion in accordance with the Orthodox Jewish faith. Grants are given on application to the trustees by these or similar charities.

Achievements and performance

During the year the trust made donations to a wide variety of charities within the Jewish community. The charity believes it has achieved its aims in delivering public benefit by successfully distributing the majority of its incoming reserves to worthy causes. Remaining reserves in bank and deposit accounts are required to be available towards future investment purposes. The trustees are pleased with the charity's investment performance and with the level of donations given to worthy causes.

At the year end the trust had thirteen UK freehold and long-leasehold properties as investments. Trustee requirements are to expand the charity's portfolio, and further investments are being sought by the charity.

At the year end the trust's investments were valued at £7,043,166 and returned income of £176,534. The trustees believe they have met the objectives set by the charity continuing the investment performance during the year.

Fundraising via the receipt of donations continued in the year ensured objectives set by the charity were achieved. The charity received donation income of £456,791 in the year.

Financial review

During the year the charity received donation income of £456,791 and investment income of £176,534. This gave the charity a total income of £633,325 of which £611,650 was distributed to other charities and good causes. After other charitable expenditure in the year and the revaluation of investment property there was an decrease in the charity's reserves of £189,953.

SHEMTOV CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

There is no formal policy to maintain a set level of reserves and the trust aims to distribute all available income to religious, educational and similar charities.

At the balance sheet date the trust had unrestricted reserves available to it of £6,334,359. This includes cash reserves of £112,499. The trustees consider that this is an acceptable level of cash reserves in order to immediately be able to donate a large sum if required or have funding for obtaining further investments. The balance of the income funds are only realisable after the disposal of its investment properties.

The trustees are experienced property investors and have invested the charity's funds into properties. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining a high degree of security of income.

The charity's investments generated an excellent return on capital invested which the trustees are very pleased with.

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.

The main risk that can affect the charity is fluctuations to its investment properties. The trustees believe this is managed by investing in smaller low risk properties in high demand areas to almost guarantee an income. The trustees ensure the properties are maintained to a good condition to ensure continued income.

Plans for future periods

The trust plans to continue to seek donations receivable to enable them to distribute monies throughout the Jewish community. The trustees will continue to purchase further investments when they believe it is in the best interests of the charity.

Structure, governance and management

The charity was established by a charitable trust deed on 12 November 1984.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr S Halpern

Mrs G Halpern Mr I Halpern

Appointment of other trustees is at the discretion of Mr S Halpern and Mrs G Halpern. Training would be offered to new trustees by the existing trustees.

All decisions made on behalf of the trust are made by the trustees.

The trustees are responsible for the provision of means to distribute charitable donations to worthy causes.

Details of related party transactions are disclosed in note 20 to the accounts. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.

SHEMTOV CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The trustees' report was approved by the Board of Trustees.

Mr S Halpern Trustee

31 January 2025

SHEMTOV CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

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 trustees to prepare financial statements 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 financial statements, the trustees are required to:

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 financial statements 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.

SHEMTOV CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST

Opinion

We have audited the financial statements of Shemtov Charitable Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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.

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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

SHEMTOV CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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, 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:

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SHEMTOV CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA (Senior Statutory Auditor)

For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor Chartered Accountants 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS 31 January 2025

Lopian Gross Barnett & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SHEMTOV CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 456,791 582,100
Investments 4 176,534 191,806
Total income 633,325 773,906
Charitable activities 5 908,226 787,392
Net gains on investments 11 - 230,504
Net expenditure (274,901) (13,486)
Other recognised gains and losses:
Revaluation of tangible fixed assets 84,948 -
Net movement in funds 8 (189,953) (13,486)
Reconciliation of funds:
Fund balances at 1 April 2023 6,524,312 6,307,294
Fund balances at 31 March 2024 6,334,359 6,524,312

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SHEMTOV CHARITABLE TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Investment properties
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Unrestricted funds-general
General unrestricted funds
General unrestricted reserve-Investment property
valuation		 2024
£
£
7,043,164
2
7,043,166
2,202,331
112,499
2,314,830
(566,234)
1,748,596
8,791,762
(2,457,403)
6,334,359
5,405,801
928,558
6,334,359
6,334,359		 2023
as restated
£
£
5,000,243
2
5,000,245
2,735,657
621,328
3,356,985
(114,514)
3,242,471
8,242,716
(1,718,404)
6,524,312
5,680,702
843,610
6,524,312
6,524,312

The financial statements were approved by the Trustees on 31 January 2025

Mr S Halpern Trustee

SHEMTOV CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
24
534,437
Investing activities
Purchase of investment property
(1,957,972)
Proceeds from disposal of investment
property
-
Investment income received
176,534
Net cash (used in)/generated from investing
activities
(1,781,438)
Financing activities
Proceeds from new bank loans
-
Repayment of bank loans
738,172
Net cash generated from financing activities
738,172
Net (decrease)/increase in cash and cash
equivalents
(508,829)
Cash and cash equivalents at beginning of year
621,328
Cash and cash equivalents at end of year
112,499		 2023
£
£
(753,604)
(561,300)
1,130,675
191,806
761,181
360,000
(281,683)
78,317
85,894
535,434
621,328

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Shemtov Charitable Trust is a charity established by Trust Deed dated 7 March 1985. The charity invests in properties and distributes monies throughout the Jewish community.

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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.

Funds held by the charity are all unrestricted, these being funds which can be used in accordance with the charitable objects at the discretion of the trustees.

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.

Gift aid donations are accounted for when received and include income tax recoverable where applicable.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents and services provided.

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

Expenses are included in the financial statements as they become receivable or due, net of VAT where applicable.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a long-term interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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.

1.9 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.

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 456,791 582,100

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 176,531 191,510
Interest receivable 3 296
176,534 191,806
Charitable Charitable
activities activities
2024 2023
£ £
Insurance 10,985 6,687
Ground rent and rates 82 415
Bank charges and interest 879 1,190
Loan interest payable 214,065 68,351
Repairs and renewals 16,671 29,883
Sundry expenses 962 1,027
Provision for bad debts 14,224 14,142
Management fees 16,875 17,631
Light and heat 8,281 -
Security costs 1,502 -
Advertising 169 -
Water rates 951 -
Sundry expenses 169 -
Cleaning 181 -
285,996 139,326
Grant funding of activities (see note 6) 611,650 630,158
Share of governance costs (see note 7) 10,580 17,908
908,226 787,392

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Grants payable

Charitable Charitable
activities activities
2024 2023
£ £
Grants to institutions:
Bikur Cholim and Gemiluth Chesed Trust 45,000 63,000
Kollel Gaon Yaakov 20,000 -
Teshivoh Tefilloh Tzedokoh - 115,000
British Friends of Mercaz Hatorah 18,000 -
Three Pillars Trust 136,000 25,000
Achisomoch aid company - 30,000
Belz Machnovka (M/C) Ltd - 19,300
Manchester Hachnosas Kalloh Fund - 19,000
Ahavas Shalom Trust - 18,000
Keren Habinyan Limited 30,000 -
Tomchei Shabbos Manchester 23,500 -
Other 339,150 340,858
611,650 630,158

The above are the material grants made to UK charitable institutions in the year.

7 Support costs allocated to activities

Governance costs
Analysed between:
Governance costs
Governance costs comprise:
Audit fees
Legal and professional		 2024
£
10,580
10,580
2024
£
3,765
6,815
10,580		 2023
£
17,908
17,908
2023
£
3,198
14,710
17,908

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 3,765 3,198
Loss/(profit) on disposal of investment property - (230,504)

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

None of the trustees (or any persons connected with them) received any reimbursement of expenses from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2024
Number
-		 2023
Number
-

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Sale of investment properties - 230,504

12 Taxation

The activities of the Shemtov Charitable Trust are exempt from direct taxation under the Income Tax Act 2007.

13 Investment property

Fair value
At 1 April 2023
Additions through external acquisition
Net gains or losses through fair value adjustments
At 31 March 2024		 2024
£
5,000,244
1,957,972
84,948
7,043,164

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

13 Investment property

(Continued)

Investment property comprises of residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14
Fixed asset investments
Cost or valuation
At 1 April 2023 & 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Other investments comprise:
Notes
Investments in subsidiaries
21
Investments in associates
22
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Other
investments
2
2
2
2024
2023
£
£
1
1
1
1
2
2
2024
2023
£
£
11,976
4,779
2,125,199
2,671,544
65,156
59,334
2,202,331
2,735,657
2024
2023
£
£
2,481,231
1,743,059
23,828
24,655
2,457,403
1,718,404

The above loans were secured by a charge over the investment property in the company.

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Creditors: amounts falling due within one year

Notes
Bank loans
16
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
23,828
-
30,762
475,071
36,573
566,234		 2023
£
24,655
2,691
14,321
55,792
17,055
114,514

18 Creditors: amounts falling due after more than one year

2024 2023
Notes £ £
Bank loans 16 2,457,403 1,718,404

The above loans were secured by a charge over the investment property in the company.

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Revaluation reserve
Previous year:
General funds
Revaluation reserve		 At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
5,680,702
633,325
(908,226)
-
5,405,801
843,610
-
-
84,948
928,558
At 1 April
2022
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2023
£
£
£
£
£
5,463,684
773,906
(787,392)
230,504
5,680,702
843,610
-
-
-
843,610

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Related party transactions

Donation income includes donations of £100,000 from Mr S Halpern and £210,500 from Samjo Limited, a UK charity in which Mr S Halpern is also a trustee. There is also a donation of £30,200 from Rosherton Limited, a company in which Mr S Halpern is a director of.

Various investment properties were held in the name of the trustees on behalf of the charity, with a Trust Deed in place.

21 Subsidiaries

Details of the charity's subsidiaries at 31 March 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Rosherton Limited UK Ordinary 100.00

During the year, the subsidiary had an income of £33,319 & expenses of £32,550, leaving a profit after tax of £623.

22 Associates

Details of the charity's associates at 31 March 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Testament Solutions Ltd UK Ordinary 50.00 -

During the year, the subsidiary had an income of £0 & expenses of £6,182 leaving a loss of £6,182.

23 Prior Period Adjustment

In the prior year there was a misstatement of the classification of the revaluation of investment property within note 18 whereby the revaluation was classified in general unrestricted funds instead of the general unrestricted revaluation reserve.

24 Cash generated from/(absorbed by) operations 2024 2023
£ £
(Deficit)/surplus for the year (274,901) 217,018
Adjustments for:
Investment income recognised in statement of financial activities (176,534) (191,806)
Gain on disposal of investment property - (230,504)
Movements in working capital:
Decrease/(increase) in debtors 533,326 (384,327)
Increase/(decrease) in creditors 452,546 (163,985)
Cash generated from/(absorbed by) operations 534,437 (753,604)

SHEMTOV CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Analysis of changes in net (debt)/funds
At 1 April 2023 Cash flowsAt 31 March 2024
£ £ £
Cash at bank and in hand 621,328 (508,829) 112,499
Loans falling due within one year (24,655) 827 (23,828)
Loans falling due after more than one year (1,718,404) (738,999) (2,457,403)
(1,121,731) (1,247,001) (2,368,732)