## **THE KREDITOR CHARITABLE TRUST** ## **FINANCIAL ACCOUNT** ## **FOR THE YEAR ENDED 5 APRIL 2023** **AND** **BALANCE SHEET AS AT 5 APRIL 2023** **KREDITOR CHARITABLE TRUST** 1. ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023** The trustees present their report and accounts for the year ended 5 April 2023. ## **Trustees** The trustees named below have served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. M. P. Kreditor P. M. Kreditor S. Kreditor ## **Charity Number:** The registered number of the charity is: 292649 ## **Investment Powers** The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity, but no such investments are presently held. ## **Structure, Governance and Management** Organisational Structure The charity is managed exclusively by the trustees. Risk Management The trustees have carried out a review of the risks under which the charity operates and have put into place measures to reduce the risk of financial or other loss to the charity. The principal risks identified are: A reduction in grants received in recent years may lead to a decline in charitable causes that the charity may be able to support in the future. The charity manages this risk by assessing current and anticipated levels of funds available and issued grants according to these factors. The identification of investment means to maximise the income derived by the charity for the minimum level of risk. This risk has been managed by placing the bulk of the charity’s funds on deposit with a main clearing bank. Training The charity's trustees periodically evaluate possible training requirements to best suit the charity's objectives. **KREDITOR CHARITABLE TRUST** 2. ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023** ## **Objectives and Activities** The objects of the charity are to advance religion in accordance with the Orthodox Jewish Faith and to support other charitable activities as are recognized under English Law. Each year the trustees review their objectives and activities to ensure that they continue to reflect the trustees' aims. In carrying out their review the trustees have considered the charity commission's general guidance on public benefit and in particular it’s supplementary public guidance, with focused regard towards the advancement of the Orthodox Jewish Faith and all its facets for the public benefit. ## **Development, Activities and Achievements** The trustees consider that the performance of the charity this year has been satisfactory. ## **Financial Review** The financial status of the charity is detailed in the enclosed financial statements. Funds available are sufficient to permit the Trust to continue in operation in the medium term. ## **Future Developments** The charity aims to continue to support its current charitable objectives. ## **Reserves** The trustees endeavor to maintain sufficient funding to meet six months charitable expenditure based on the previous six months charitable awards. ## **Statements of Trustees’ Responsibilities** The charity’s trustees are responsible for preparing an annual report and 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 period. In preparing the financial statements, 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 financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. ## **KREDITOR CHARITABLE TRUST** ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023** ## **Statements of Trustees’ Responsibilities** _(continued)_ The Trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Approval** This report was approved by the trustees and signed on their behalf. ## **P.M. Kreditor Trustee** ## **Dated: 31 JANUARY 2024** ## 4. ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE KREDITOR CHARITABLE TRUST** ## **YEAR ENDED 5 APRIL 2023** I report on the accounts of the charity for the year ended 5 April 2023 set out on pages 5 to 8. ## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act), and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 145 of the Charities Act) and - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act) and - to state whether particular matters have come to my attention. ## **BASIS OF INDEPENDENT EXAMINER’S STATEMENT** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a ‘true and fair view’. ## **INDEPENDENT EXAMINER’S STATEMENT** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: - proper accounting records are kept in accordance with section 130 of the Charities Act; and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Charities Act; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **GK & Co LLP** ## **Independent examiner** Hallswelle House 1 Hallswelle Road London NW11 0DH Date: 31 JANUARY 2024 **THE KREDITOR CHARITABLE TRUST 5** . ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE** ## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023** ||**Unrestricted Funds**|**Unrestricted Funds**| |---|---|---| ||2023|2022| ||£|£| |**INCOMING RESOURCES**||| |Taxation recoverable on gift aid payments|-|-| |Gift aid contributions from individuals & companies|60,000|185,000| |Bank interest|399|21| ||----------|----------| |**TOTAL INCOMING RESOURCES**|60,399|185,021| |**RESOURCES EXPENDED**||| |Payments to charities|143,121|75,821| ||----------|---------| |**NET EXCESS OF INCOME OVER EXPENITURE/**||| |**(EXPENDITURE OVER INCOME)**|(82,722)|109,200| |Balance brought forward at 5th April 2022|226,637|117,437| ||---------|---------| |**BALANCE CARRIED FORWARD AT 5TH APRIL 2023**|£143,915|£226,637| ||=====|=====| **THE KREDITOR CHARITABLE TRUST 6.** ## **BALANCE SHEET AS AT 5 APRIL 2023** ||**Unrestricted Funds**|**Unrestricted Funds**| |---|---|---| ||2023|2022| ||£|£| |**CURRENT ASSETS**||| |Taxation recoverable|27,750|27,750| |Cash at bank|116,265|198,987| ||---------|---------| |**TOTAL ASSETS**|£144,015|£226,737| ||=====|=====| |**REPRESENTED BY**:-||| |Amount settled|100|100| |Income and expenditure account|143,915|226,637| ||---------|---------| ||£144,015|£226,737| ||=====|=====| Signed P. M. KREDITOR Trustee Dated the 31 January 2024 **THE KREDITOR CHARITABLE TRUST** 7. ## **NOTES TO THE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023** ## **1** . **Accounting policies** ## **(a) Basis of preparation** The financial statements have been prepared under the historical cost convention and in accordance with applicable the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Charities Act 2011. ## **(b) Funds structure** Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have set aside resources for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the terms of a specific appeal. ## **(c) Incoming resources** All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Voluntary income is received by way of donations, and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity, are recognised when the Charity becomes unconditionally entitled to the grant. Incoming resources from grants, where there are performance or service deliverables required by the terms of the grant, are accounted for as the charity earns the right to payment through its performance. Investment income is included when receivable. ## **(d) Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. **THE KREDITOR CHARITABLE TRUST** 8. ## **NOTES TO THE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023** ## **(e) Irrecoverable VAT** Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **(f) Allocation of overhead and support costs** Support costs include administrative office functions and have been allocated to activity cost categories on a basis consistent with the use of resources. ## **(g) Governance costs** Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include its audit fees and costs linked to the strategic management of the charity including trustee expenses. ## 2. **Material Grants Paid** A copy of a list of material grants issued during the year can be obtained by letter request to the principal address of the Charity.