Charlty rogl$trdtlon number 297664 LOFTUS CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
LOFTUS CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION R. l. Loftus A. L. Loftus A. D. Loftus CharSty number 297664 PAnclpal addr•$s 2nd Floor 55 Blandford Strepl London W1U7HW Auditor Gravtt811 LLP 30 City Road London EC1Y 2AB
LOFTUS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2023 Th& Trustees present their annual report and financial slalemenls f¢r the yèar ènd8d 5April 2023. The finan¢ial statements have been prepared in accordance wilh the accounting polici?5 set out in note I lo the finanual statements and comply with thè charity's trust deed, the charle5 Act 2011 and "Account¢ng and Reporting by Charities.. Stalemem of RecommerKled Pra¢ti¢o applicable lo charities prepgring their actounls in accordance with the Financial Reporting Standard appli¢atAe in the UK and Republic of Ireland IFRS 102}. {as amended for accounting periods COMMerng from 1 January 20161 Constitution The Twvsl is an unincorporated body. con$liluled under a revocable trust deed dated Soplember 1987 and is a iegistered d)arity, number 297664. Method of appointment or el•etion ol truste09 Th8 names of the Iruslees who acted for the year are set out on page 3. The managetnenl ol the charty is the responsibilty of Trustees. The Trustees meet owi 8n 8ikhoe basis to consider issues. The day4Trday management of the charity is carried out by Mr. A. L. Loftus. All IrustèÈS are règularly provided with relevant newsletters and technical sub5UiPtions and are notified of changes In goveman¢9 published on the Chartty Commission's websit8 which they are encouraged to visit. The Trust Deed piowdes for a minimurn of 3 Iru$lÈÈs but does not provide for a maximum number. NewTmslees may be appointed by a decision of the e$tIng Trustèes. It is not the intention of Ihe trustees of th& charity to appoint any new trustèès for the foreseeable future. Should 5ilualion change in future, the trustèès wil apply suitable recruitment, induction and training procedures. The exi51ing trustees have held Offi for over 10 year$. Publlc bon•fit The Trustees havg mplIed with their duty under the Charitiès Act 2011 to have due regard lu the guidan published by the Charity Commission. The benefit lo the publlc Is manrfeslly demonstrated by the a¢fvities and achievements contained in this report. Key management pgrnonnel remunerntlon The TriJst8•s consider the board of Twstees as ¢omprising the key management personnel of the charity in Charge of (lireding and controlling the chgrity and running and operating the charity on a day lo day basis. All Trustees give of their lime freety and no Trustee remunèration or oxpenses were paid in the year. Oblectlves and Activitiè$ the advancgment of the Jewish relig10ll', the advancemenl of Jewish educath'on arhd the education of Jewish people,. and the roligf of the Jewish poor. These objectives are met by maknng grants to other ¢h8rilles operallng In these field& Procedures and polley for grant maklng The trusta•s meet regularty to consider what grants they will make and to revlew any leedback they have received. Nominations for grants are elicited by formal and informal means. The Iru51ees Itavel widdy in the UK and abroad and us¢ knowledge gained lo suprx)rt thè objècts of the Trust and lo inforn grant making. TIK)ugh the Iruslees make somè grants with no fomial application, they normally ask or invite organisations trj submit a fomial appli¢ation saying how the funds would be used and what would be achieved. The Irus*es have policy. which is communicaled lo all benefi¢iaries, that they make grants with no guarante8s of future fundin9. The trustèes seek feedback on the actual use of the grants given and the achievements made. The explanations and feedbask ceiVed are sufficient for monitoring the quality of the 9rants made.
LOFTUS CHARITABLE TRUST CONTENTS Pag• Trustees. report Slalement of Trustees, responsibilities Independent auditorfs report Slalement of financial activrfes Balance sheet Notes lo the finan31 statements 10-17
LOFTUS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 A¢hlevements and perfomiane• of th• trust Durin9 the year the Trust made grants of £449,03512022'. £624,948). Detsil$ of all the grants made are given in note 5. Going concern After making appropriate enquiries, Ihe TrLJSt•8s have a reasonable expectation that the charity has adequat8 resources to continue in operational existence foi the foreseeable future. For this reason th8y continue lo adopt the going coneÈrn basis in preparing the fvancial stsl¢ments. Further details reg8rding thè adoption of the going concern basis can bè found in the Accounting Policies. Flnancial r•vi•w. inveslment poli¢y and reserves Recei)15 from voluntary donations induding gift aid in the year were £437,50012022.' £389,611). The net deficit for the year was £277,460 12022.. £195,207). The lotsl grants given in the year were £449,035 {2022'. £624,948). Rosorvè polley Th8 trustees, aim is lo maintsin free reseNes in Unrestric funds at a level that will prowde sufficient fvnds to respond to app.cationS for gr8nts and ensure that the are suffi¢ignl fvnds available to ¢over support and govemance cosls. At the end of the financAal year unrestricted reseNes were £3.818,263. The adÈquacy of the reserve8 policy is reviewed annually. Plans for th• future The Iwustees intend to conlinue providing grants in a similar way to the recent p8sI contiiuing the emphasis on three areas of giving but retaining )lexibility as to the Umin9, and scale of grant rnaking. Prlnclpal risk$ and uneertainti•s The trustees have considered the rNajor risks lo which Ihe Trust 1$ exposed and èstablished systems lo mitigate them. The Trustoes have been aware of th8 charitvs d8pendence on the Trustees own tune and energiès and voluntary donations.
LOFTUS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Strture. gov•mance and man•g•m•nt The Trust88s who served durin9 the year and up to the dale of signature of the financial 8lalements were.. R. l. Loftus A. L. Loftus A. D. Loftus The Tm51ees' report was approved by the Board of Trustees. D. Loftu$ Trustee Dated..
LOFTUS CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023 The Trustees are responsibl8 for pr•paring the Twslegs, Report and the financial slatemÈnts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gener8ly Accepted AccounlHig Practice). ThÈ law applcabla to charities in Eng18nd and Wales requires the Truslees to prepare financial statements for each ffinancial year whi¢h gNe a Irue and fair of th& slate of affair6 of the chaity and of the incoming rèsources and application of rp8our¢es of the charity forthal year. In prepariThJ these financial stat&ments, the Trustee$ a required to.. - select suitable accounting poliGi¢s wd Ihen apply them ¢onsistèntty'. - obs&Ne the mothods and prinryple$ in the Charities SORP., - rnake judgements and estimates that are reasonable and prudent.. - state whether appli¢8ble aG¢ounting starKlard$ have bèan followed, subjed to any material departures disdosed and explained in the stslemenls., and prepare Ihe finanaal slalwnents on the going concem ba515 unles$ il is inappropriate to presume that the charity will continue in operation. The Twslees are responsible for keeping sufvent accounting re¢ords that disdose with reasonable a¢¢uracy at any time the !In.aneial posilion of the charity and enable them to ensure that the finan¥1 statements cornpty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the prowsions ol the Iwst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for th¢ prevenfion and delectK)n of fraud and other irregularilies.
LOFTUS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LOFTUS CHARITABLE TRUST Opinion Vve have audited the finan¢ial slatemen15 of Loftus Charitablè Trust Ilhe 'charity'l for the year ended 5 April 2023 whic comprise the statement of financAal actitlÉs, thÈ balancè sheet and the notes lo the financial statements, induding a summary of signrficant accounng polic. The financial rep¢rbng framework that has teen applied in their preparation is applicablè law and United Kingdom A¢¢ounb"ng Standards, induding Financial ReFQrting Standard 102 The Finanth81 R8poknng Standard applicabl& in th8 UK 8nd R8puMie of Ireland (United lfjngdom Gen8rallyAccapted Accounting Practi1. In our opinion, the financAal statements.. give a tme and fair view of the stale of the charily's affairs as at 5 Apnl 2023 and ol fis incorning resources and application of résources, for the ypar then ended,. have en properfy prepad in accordance with Llniled Ffjngd¢m GeneraNy Accepted Accounting Practi,. and have been prppared in accordan with the reqU1MentS of the Charities Act 2011. Baglg for opSnlon We conducted our audit in ac¢ordance with Inlerr)alional St8ndards on Auditing IUKI IISAS (UK)) and appkn'cabl law. Our responsibilities under those standards are furthèr dèseribed in the Auditorfs responsithlilies forthe audit ol Ihe financial stalaments 8edion of our report. We are independent of Ihg charity in accoidance with the elhical requirements that are relevant to our audit of the financAal slalement5 in the UK, including the FRC'S Ethic81 Standard. and we have fulfilled our other èthical responsibilities in accordan¢e with these requirement$. We believe that the audit evid8nce we have obtained i¥ suff¢ient and appropiiate Its prowdè a basis for our opinion. Con¢lu$ions relatlng to golng concern In auditing the financial slalernenls, we have concluded that the Tru$l&es' usé of th8 going conGem basis of 8ccounting in the preparation ol the ffinancial slalements is appropriate. Based on thè work we have performed, we hav8 not id8ntffied any material uncertainties relati'ng to ewnls or cond'0n8 that, indimdually or collectively, may cast significant dol1 on the chafity5 abilty to continue as a going concern foi a period of at least fv4elve months from when tho finan¢ial slalements are aulhorised for issue. Our responsibilities and the r8sponsibilities of the Trustees with respect to going concern are described in th6 relevant sections of Ihis report. Othèr Infomiation The olher infomalitin Comprises the informalKJn included in the annual report other than the finartial staiements and our auditor's report thereon. Th¢ Trustees are responsible for thè othèr infom)ation contained within the annu81 report. Our opinion on the financial statements does not cover thè other information and we do not express any form of assurance condusion thereon. Our responsibility is to read the olheT infotmation and, in doing so, consider wh¢lh¢r the other informatior¢ 15 matÈrialty ineonsislent with the financial statements or our knowledg8 obtsined in the ¢ourse of the audit, or otherwisè appéars to be materially misstated. If we idenlfy such materkil inconsistencies or apparent material misstatements, we are r¢quired to detemiine whether this givès ris8 lo a materHI misstatement in the financial statements themselves. If. based on the work we have performed, wa ndUde that th8re is m*erial misstalem&nl of this other information, 8ra ¥8quirad to report that fact. We have nothing to report in this r8gard. Mattèrs on which w• are required to roport by exception We have nothing lo report in rèspèct of the following matteJs in relation to which the Charllles (Accounts 8nd Reports) Regulations 2008 require us lo report to you if, in ow opinion". Ihe information given in the financial slalements Is ino)nsistent in any material r8spÈet with the Trustees. report., or sufficient accounting records have not been pt., or Ihe financial statements are not in agietrment with the accounting records," or we have not received 511 the information and explanations w¢ require for our audil.
LOFTUS CHARITABLE TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF LOFTUS CHARITABLE TRUST Responsibilitiej of Truste As explained more fully in the staleTnenl of Trustees. responsibiliti8s, the Truslees are responsible for the preparation of thè financAal statement8 and for being satisfied thal they give a true and fair view, and for such internal control as the Trusl¢es detenmine is nècessary to enable the prep3r8lion of financAal stslèmènts that are fr88 from material rnisslalemenl, whether due lo fraud or error. In preparing the finanaal ststements. Ihe Trustees 2ra responsible for assessing the charity's ability to continue as a going concern, disclosiig, as applicable. matters related lo going conrn and using the going concem basis of accounting unless the Truslg9s erthw intend to ¢o8$8 operations. or have no realistic alternative but lo do so. Auditorfs responsibilitr•s forthe audii of the flnan¢lal $tstements We have been appointed as auditor under $e¢tion 144 of the Charities A¢t 2011 ond report in awrdancè with the Aet and relevant regulatlons made or having effect thereunder. Oui objedives are lo obtain reasonable assurance about whethèr the financial slalements as a whde are free frt)m material misst8tement. whether due lo fraud or error, and to issuè an auditor's report that Indudes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit condu¢tÈd in accordan with ISAS IUKI will always detect a material misstat8menl when il exists. Misstatements can arise from fraud or error and are consideied material rf, individually or in the a9gregale, they could reasonably be eypected tts influence the economic decision5 of users tak8n on the basis of these ffinancial ststements. The extent lo whl¢h our procedures are ¢8P8ble of détecting Iegula1111¢$. including fraud, is detailèd balow. The 4¥t•nt to which th audll consldered cap•blé of deteeting iffegularltles in¢ludlng fraud Our approach to idenlfying and as8essing the risks of materlal misstalemenl in re8P8Ct of irregularities, including fraud and noFF¢ompliance with laws and regulations, was as follows." the engagement pariner ensured thal the engagement team collectively had the appropwiale competence, capabilities and skills to identify 01 re¢o9nise non-compli8n¢è with applicable laws ar regulations.. we identified the law5 and regulations applicable to the charity through discussions with trustees and other management, and from our commetcial knowledge and experience of Ihg Charity sector focused on specific laws and regulations which we considered may have a direct material èffèct on the financial statements or the operations of the charity, including, but not limited to. Charities Act 2011 and taxation legislation., we assessed the extent of comph'ance with the laws and regulations identled above through ming enquiries of management and inspecting relevant corre$pondenc8.' and identified laws and regulations were communicated within the audit team regularfy and the team remained alert ltt instancès of non-compliance throughout the audit. We assessed the susceplibilrty of the charity financial $18temarrts to material misslatem$nl, in¢luding obtaining an understanding of how fraud might occui, by.. understandSn9 the chaTilable objectives as part of the control and operating environment,. making enquiries of management as to where they considered there was suscepliblllty lo froud, their knowledge of a¢tual, suspected and alleged fraud,. and considering the intÈmal controls in place lo mitigate risks of fraud and non.complianc8 WI laws and regulations. To addr8SS the risk of fraud Ihrou9h managemÈnl bias and override of contro15, we.. pèrfom7ed analytical procedures to identify any unusual or unexpected relationships.. tesled journal enliies to identify unusual transadicins- inv¢stigaled the rationalè bèhind significant 01 unusual transactions.
LOFTUS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LOFTUS CHARITABLE TRUST In spOnse to the risk of iwularilie$ 8nd non-compliance Wbth laws and regulations, we designed procedures whith induded, but were not limited to.. agreeing financial statement dSs¢losure$ to underfying supporting documentation., reading tha rninutes of meetings of those charged with governanee; Ènquiring of management as lo actual and potential litigatson and ¢18lms; and revlewing correspondence and erwuiring with th8 charity of actual and potential non-complian¢è with laws and regulations. Therp ale inherent limitatK>ns in our audit procedures descrtjed above. The more rèmoved thal laws and regulations are from financial transactions, the les5 likety it is that we would be¢ome awaro ot non.complian¢e. Auditing sland¥rds also limit thè audrt procedures required to identfy non-compliance with laws and regulation$ lo enquiry of the trustees and other management and the in$p@etion ol regulatory and legal correspDndence, if any. A further description of our responsibilities Ss available on the Financial Reporting Council's website al., https=Il www.frc.org.ukjauditorsrèsponsibililies. This description fom)s part of our audrto¢s rèport. Oth¢r matters Your attention is drawn lo the fact that the d)arity has preparÉd finandal statements in accordancg with'Accounling and Reporting by Charities.. Slatemtrnt of Recommended Practice applicable lo charibes preparing their accounts in aGrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {a6 amended) in preference to the Accounting and Roporting by Charities.. Slalement of Recommended Practi¢e issued on 1 April 2005 whieh is ref•ed lo in the extant rulationS bul has now beÈn thdraWn. This h8s been done in order for the financial slalements to provide a true and fair view li a¢cordance with current Cenerally Accepted Acrounling Practice. Use of our report This report is made solety lo the charity's Irusl88$, as a body, in accordance with part 4 of the Charitie$ IA¢counts and Report51 Regulations 2008. Our audit work has been undertaken so that we might s181e lo the charity$ Iruslees those marters we ale requii¢d to state to them in 8n auditorfs report and for no other pury)0s8. To th8 fullest extent permitted by law, we do not 8CCèPt or assume responsibility lo anyone other than the ¢harity and the charitls trustees as a body, for our audit work, for this report, or f¢x the opinions we have formed. 4. 11 LLP 15 Jan 2024 Gravlta 11 LLP ChartÈrÈd Aeeountsnts Statutory Audrtor 30 Crfy Road London EC1Y 2AB Gravita11 LLP Is ellgSble for appoinlmenl as auditor of the charity by virtue of it5 eligibilty for appointment #S auditor of a company under secticin 1212 of the Companies Act 2006.
LOFTUS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 UnroStfiCt•d Re3tricttrd funds fund$ 2023 2023 Total Total 2023 2D22 Not•s Donations and lagacies Investments 437.500 58,256 437,500 58,258 389.611 95,324 Totsl Incomo 495.756 495,756 484,935 Charitable activitie5 445.204 12,143 457,347 634.216 Nel (losses) on inveslrnenl$ 1315.869} {315,8691 (45,9261 Net oiityoing resources beforo transfers 1285.317} {12.1431 P77.480} (195,2071 Gross transfers beiween funds 131,195} 31.195 Net movement in fund$ 1296.5121 19,052 1277.460} (195.207) Fund balances at 6 April 2022 4,114,775 1,434 4,116.209 4,311,416 Fund balanc•s at S April 2023 3,818,263 20.486 3.838,749 4,116209 The stalernenl of financial actbwlie$ in¢ludès all gains and Ios8e8 recognised in the year. All income and axpènditur8 d8rive from continuing aGlivilies.
LOFTUS CHARITABLE TRUST BALANCE SHEET ASAT 5APRIL 2023 2023 2022 Nots$ Fixgd a$$*ts Inv$$lmenls 2.787.509 3,545.32S Current #1$ots Debtors Cash at bank and in hand 12 95,014 976264 7,514 589.380 1,071,278 596,894 Cr•ditors: amounts falling due rfthln ono year 13 120,0381 {26,0101 N&1 Current assets 1.051.240 570,884 Total as$ots l•$$ Current liabiliti•s 3,838,749 4.116,209 Incomé funds Restricted funds Unrestricteil fund5 14 20,486 3.818.263 1.434 4.114,775 3,838,749 4.116.209 n8n 1st8 nl$ were approved by the Trustees tsn ............... R. l. Loftu$ Trustee A. D. Loftus Truste•
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting pollcles Charity infomiatlon Loftus Chaiitablo Trust is a ¢h8rilablÈ trust. 1.1 Accountlng conv•ntlon The financial 51alements have been preparèd in accordance with the charivs govÈmin9 document, the Charities Acl 2011 and "Acctrunling and Reporting by Chawilies.. Statement of Recornmended Practice applicable lo ¢hariiies preparing their aG¢ounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. las arnendèd for accounting periods ¢ommencing from 1 January 20161. Thè charity is a Publi¢ Benefit Entity as defined by FRS 102. The charity has taken adv8ntsge of the provisions in the SORP for charities applwng FRS 102 Update Bullelin 1 not lo prepare a Statement of Cash Flows. The financial stslements have departed from the Charities (Accwnts 8nd R8POrtsl RegulalKJn$ 2008 only to the extent required to provide a true and lair view. This departure has involvod lollowing the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of R8commend8d Practice whith is referred to in thè Régulations but which has since bn withdrawn. The finan¢ial sl*emenls ale prepared in st8rfing, which is the fvnclional currency of the charty. Monetary arnoun15 in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical eosl Convention, The prsncipal accounting poliues adopted are sel out below. 1.2 Going ¢oncèm Al the tirne of approviftg the finanaal statements, the Trustees have a reasonable expectation that the chariiy has adequate resources to continue in operational estne8 for the foreseeable fvlure. Thus the Trusteès coniinuè to adopt the going Con[n basis of accounting in preparing the ffinancial slalements. 1.3 Charitsbl¢ funds Unrestricted funds are av8i13ble for use al the discln of the Trustèes in furtheran of their ¢harilable obje¢tives. R¢stri¢ied funds are subject to speofic corwjitions by donors as to how thèy may be used. The purposés and Uses of the restricted funds ara get out in the notes to the financial stalemenls. Endowmenl funds arè subiacl lo specific condrtions by donors that the capital mLtsI be maintainod by the chaniy. 1A In¢ome Donations. legaryes and other fomi$ tsf voluntary income are re¢ounised on receipt or wh$n entillemenl re¢eipt is probable and the amount can be reliably valued. The value of services provlded by Ihe Iruslges h8$ not been induded in these acwunts. 10-
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 ACCOUnn9 poliGi•$ Icontlnuedl 1.5 Exp¢ndlbJre Expenditurè is recognised once there is 8 legal or constructive obligation lo make a payment lo a third party, il is probable th81 strttlement will be required and tha amount of the obligation can be measured reliably. Expenditure on charitable activities indudès thè costs of the delivery of rts activities and serwces for ils bgnefi¢iarie5. Grants payablè ar8 made lo third parties in furtherance of the Charity's objects. Govemance costs comprlse all cost$ involving the public aemuntabilty of the charity and its compliance with regulation and good practice. These ¢osts inclLKle costs relalÈd to statutory audit. Irrecoverable VAT is charged as 8 eost against the activity for whith the expendilure was Inrr6d. Fund thecounting Unreslwictg(l fvnds are available lo spend on activitie6 that further any of Ihe obi8clives of th8 Charity. Restricted fLJnds are subject to speaffic Conditions by donors as lo thèy may be used. The purposes and uses ol the rèstricted funds are set out in the Mles to Ihe accounts. 1.6 Fixed a3$ Invèstments Fixed asset investments are iniiially mèasured al transaction pri excluding transaction costs, and are subsequently measured al f¥ir value at each reporting dalB. Changes in fair value arg regnised in nèt incomellexpenditurel for the year. Transa¢lion CStS are expensèd as incurred. 1.7 Cash and cash equival•nts Cash and cash equivalents indude cash in hand and dèposits held al call with bwks. 1.8 Flnan¢lal Instruments The charity ha5 elected to apply the provision8 of S8¢tion 11 'Basic Financial Instruments. of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the charity's balanGe sheet when the charhy bacomes party to the contradual prowsions of the instrument. Financi81 assets and liabilities are offset, with the net amounts presented in the finanaal $tslemenls, when there is 8 lègally enlorceable right lo sel off the recognised amounts arvj th is an IntenOn to s8ttle on a nel basis or to realise the asset and settle Ihe liability siMlaneOUsly. Basic financlal assets Basic fin#nual assèts, which indude dèbtors and cash and bank balan¢es, are initially measured at transaction price induding transaction Costs and ar8 subsequenly carwied al amortised cost using the effective interest method unless the arrangemttnl constitutes a financing Ir8n$8¢tion, where the transaction is measured al the presènt valu8 of the future receipts dis¢ounted at a market rate of interest. Finanoal assets ¢la$sified as receivable within one year are not amorti$ed. Dern¢ognltlon of finanGlal assets Financial assets are derecognised only when the ¢onlra¢iual rights to the ¢#sh flows from the asset expir6 or are settled. or when thè d)arity transfers the [anCial asset and substantially all the risks and rèwards of ownership to another entity, oi if some signifKanl risks and r8wards of ownership ale relained but control of the asset has transferred lo another party that is able Its sell thè asset in ils entirety lo an unrelated thi party.
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Accounting poN¢los Icontinuedl Basie financlal Kabililie Basic finat)cial liabililiès, indUdg creditors atKI bank loans are initialty i9gnised al transaction price unless the arrangement constilules a fina11 transaction, where the debt instrument is measured at the present valu& ol the future payments discounted al a market rats of interest. Financial liabilrties dassrfied as payable within one year are not amortisad. Debt instruments are Subsequent carried al amortised ¢ost, using tha effective interest r81e method. Trade creditors ¥e obh'gations lo pay for goods or services that have ten acquired in the ordinary course of operations from Suppliers. Amounts payable Arè dassiffied as current liabilities if payment 15 due within one year or less. If not, they are presented as non-currenl liabilities. Trade ereditors are recognised lnttia1 at transa¢tion price and subsequently measuied al amortised cost using the effectlvfr inleresl method. Derecognhlon of financial liabllilies Fina[la1 liabiltties are derecognised when the charity'8 contractual obligations exF1 or are discharged or canlled. Donation$ and lega¢l•$ Unre5tri¢ted Restrl¢t•d funds funds Total Totsl 2023 2023 2023 2022 Donations and gifts 437.500 437,500 389,611 Forth• ar ended 5 Aprl 2022 341,250 48,361 389,611 Invo$lmÈnts Unrestricted funds Total 2023 2019 Diwdend in¢ome Interest rerivable 58.256 95,299 25 58.256 95,324 12
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Charitable activitios 2023 2022 Religious organisalion5 Education Relief of povèty and il health Other causes Govemance and support costs 84.664 77,265 215,030 72.055 8,313 107,106 267,352 208,890 41,600 9,268 457.347 634,216 457,347 634,216 Analysi$ by fund Unreslri¢led funds ReslrKled funds 445.204 12,143 586.039 48,177 457.347 634,216 Analysls of grants made to instliutlons Grants made lo instrtulions were a material part of the total expenditure by the Trust. The major grants were as follows.. 2023 2022 Unrestrict•d funds: Religiou$ organisation Jewish Blind and Disabled Jewish Leadersh¥J Council Grants less than £10.OIXTr each 25.000 12,500 35,021 58,929 72,521 58.929 13-
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Analysis of grnnts made to in$tltutlons {Contlnuedl Educatlon Kisharori UK Friènds of IDC Herzl'ya Jewish School Nelwork Chabad of Hampstead GartJen Suburb Camp Simcha Nightingale Hammerson British Friends Of Jaffa Ins11¢ulg UJIA The WorkAvenu8 Foundation Grants less than £10.000 each 35.000 17,875 35,000 14,066 32,000 18,600 100,000 38,333 10.000 10,1)00 11,353 24,410 77,285 267.352 R•llèf of pov•rty and Illthealth Belt Halochem UK Chai Cancer Ca Jewish Care Neve Mi¢hael ChaiitalAe Trust Norwood UK Friends ofAWS UJIA Camp Simcha Tikva Grants less than £10.ODO each 10,000 12,500 30,000 10,000 20,000 15,000 10,000 41,800 lo,0 12,500 30.0 10,(rtJO 20,CKIO 40,000 86,390 65,730 215,030 208.890 Other Cau$•$ CST The Jerusalem Foundation Henry Jackson So¢tety Grants less than £10.000 ea¢h 25,000 39,900 25,000 12.500 4.100 7,155 72,055 41,600 Totsl unT•slricted funds 436.891 576,771 Restrided fund* Religious organisatson Cambridge Prolect 12.143 48,177 Total restricled funds 12,143 48,177 14-
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Auditorfs remungration Fees payable to thtr ¢harlty's auditor and a8soclat•$: 2023 2022 Audrt of the ¢haritVs annual accounts 7,200 0,000 Non-audlt sèr¥lces All other non-audit 5erwce8 3,150 TruBtees None of the Trustees lor any pgtsons connected with them} ceiVed any remuneration 01 beneffts frcffi ihe charity (lurlng the year. Employees Thère were no employees during the year. Net Ilosses) on investments Unrestrlcted Unrestricted funds ftjnds 2023 2022 Revaluation of investments {315.869} 145,9261 10 Taxatlon The charity 1$ exempl from tax on income and gains falling wrthin section 505 of tha Taxes Act 1988 015eGtion 252 of the Taxationof Chargeable Gains Act 1992 lo the extent that these arè applièd to its charitable objects. 15-
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 11 FIX A$$et investments Li5t•d Unlisted InVlMonts Investments Total Cost or valuation Al 6 Aptl 2022 Valualion changes Disposals 2,530.834 1347.8691 1,014,691 32,001 1441,948} 3,545.325 1315,8681 1441,9481 Al 5 Aprl 2023 2.182,765 604.744 2.787.509 Carrying amount At 05 April 2023 2,182,765 604.744 2.787.509 AI 05April 2022 2,530,634 1.014,691 3,545,325 Fixed 4$$o1 investments rn¥alu•d Th8 fair values of listed investments that are traded in actlve markets are based on prices obtsird direct from an exchange on which the instruments are traded. 12 Debtor¥ 2023 2022 Amounts falling duè wlthln one year: other debtors Prepayments and accrued income 201 94,813 201 7,313 95,014 7.514 13 Credltors: amounts falllng due within one year 2023 2022 Other Creditors Accruals and (Jeferrgd irKome 838 19.200 14,011 11,999 20,038 26.010 18-
LOFTUS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 14 Restrlctèd fund$ The income funds of the charty include res1ri¢led funds wnprising the folk)wing iJn8xp8nded balanos of donations and grants held on trust for 5pecrfic purp05Q$'. Movem•nt In funds lrt¢ominy Resourc05 Balance at resour5 èxp8nd8d 6Aprll 2022 Balan¢e at 6Aprll 2021 R8sourc88 •xppnded Transforn Balanco at S Aprfl 2023 Cambridgé Projoct 1,250 48,361 148.1771 1,434 112,1431 31,195 20,486 Cambridge Project is being undertakèn for th8 rejLwenalion and extension of the existing Cambridge Synagogue and Jewish Community Centre and the Charity is funding certain aspecis ofthe project. 15 Analysls of net assèts betsve•n funds Unroslricted Restricted fvnds fundB 2023 2023 Totsl Total 2023 2022 Fund balances al 5April 2023 are represented by.. Investments Current a$s&tsl{liabliti8sI 2.787,509 1,030,754 2,787.509 3,545,325 1,051.240 570.884 20,486 3,818,263 20,486 3,838,749 4.116,209 16 Related party tr•n8aetlons Donations include amounts from trustees of£350,0 {2022.' £293,437). Grants made include amounts lo ¢harities which share 8 trusteè in common with the chaity £35,OOD12022'. 235,0001 Al the balance sheet dale £838 (2022." £14.0111 was owed to a company ¢ontrolled by the Iru$tees. 17-