CHARITY REGISTRATION NUMBER: 326220
Stanley Charitable Trust Unaudited Financial Statements 31 March 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Stanley Charitable Trust
Financial Statements
Year ended 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report | 2 1 to 3 |
| Independent examiner's report to the trustees | 4 4 |
| Statement of financial activities | 5 5 |
| Statement of financial position | 6 6 |
| Notes to the financial statements | 7 7 to |
| 13 |
Stanley Charitable Trust
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
| Registered charity name | Stanley Charitable Trust |
|---|---|
| Charity registration number | 326220 |
| Principal office | 8 Stanley Road |
| Salford | |
| Manchester | |
| The trustees | |
| D Adler | |
| J Adler | |
| Independent examiner | Mr A L Haffner ACA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
Structure, governance and management
Stanley Charitable Trust is a charitable trust constituted by a Deed of Trust dated 19 August 1982 and is a registered charity, number 326220.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
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Stanley Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Objectives and activities
The objectives of the charity are to generate income from investments, to be distributed to educational institutions and charitable organisations and for the relief of poverty.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Investment Policy
It is the policy of the Charity to maintain cash reserves so as to be able to take advantage of any investment opportunities that arise. This policy is regularly reviewed by the trustees and their investment advisors, who advise as to safe investments and when to sell properties and as to rent reviews.
Achievements and performance
The charity received £66,571 in investment income during the year and paid out £18,147 by way of grants and support costs that are in line with the objects of the charity. Direct charitable grants totalled £14,400. The charity incurred expenses of £6,438 in relation to Investment property management costs.
Financial review
As at 31 March 2021 the charity held reserves of £927,964 (2020: £885,978).
Coronavirus
The charity has not been materially affected by the coronavirus.
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. The policy of the charity is to hold reserves sufficient to generate enough income to maintain grants at previous years' levels. In order to achieve this, the charity reinvests gains on sales of property, so as to provide for a strong income flow and therefore to enable the charity to continue distributing funds for charitable purposes, as in previous years.
The trustees examine the risk the charity faces each financial year. The charity monitors and controls the risk to mitigate any impact they may have on the charity.
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Stanley Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
The trustees' annual report was approved on 7 September 2022 and signed on behalf of the board of trustees by:
D Adler Trustee
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Stanley Charitable Trust
Independent Examiner's Report to the Trustees of Stanley Charitable Trust
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Stanley Charitable Trust ('the charity') for the year ended 31 March 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 Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
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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 accounts to be reached.
Mr A L Haffner ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
7 September 2022
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Stanley Charitable Trust
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 66,571 | 66,571 | 77,183 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 66,571 | 66,571 | 77,183 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | 6,438 | 6,438 | 4,726 |
| Expenditure on charitable activities | 6,7 | 18,147 | 18,147 | 94,825 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 24,585 | 24,585 | 99,551 | |
| ============================ | ============================ | ============================ | ||
| Net gains on investments | 10 | – | – | 4,586 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 41,986 | 41,986 | (17,782) | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 885,978 | 885,978 | 903,760 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 927,964 | 927,964 | 885,978 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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Stanley Charitable Trust
Statement of Financial Position
31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 902,868 | 878,117 | |
| Current assets | ||||
| Debtors | 15 | 75,674 | 91,723 | |
| Cash at bank and in hand | 6,942 | 9,754 | ||
| ---------------------------- | -------------------------------- | |||
| 82,616 | 101,477 | |||
| Creditors: amounts falling due within one year | 16 | 7,520 | 27,519 | |
| ---------------------------- | -------------------------------- | |||
| Net current assets | 75,096 | 73,958 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 977,964 | 952,075 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 17 | (50,000) | (66,097) | |
| -------------------------------- | -------------------------------- | |||
| Net assets | 927,964 | 885,978 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 927,964 | 885,978 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 18 | 927,964 | 885,978 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 7 September 2022, and are signed on behalf of the board by:
D Adler Trustee
The notes on pages 7 to 13 form part of these financial statements.
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Stanley Charitable Trust
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 8 Stanley Road, Salford, M7 4EG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the valuation of fixed asset investments at the year end.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.
Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources (continued)
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these accounts.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 62,794 | 62,794 | 74,920 | 74,920 |
| Bank interest receivable | 1 | 1 | 21 | 21 |
| Other interest receivable | 3,776 | 3,776 | 2,242 | 2,242 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 66,571 | 66,571 | 77,183 | 77,183 | |
| ============================ | ============================ | ============================ | ============================ |
5. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Investment property management | ||||
| costs - Rental overheads | 3,698 | 3,698 | 1,828 | 1,828 |
| Investment property management | ||||
| costs - Loan interest | 2,740 | 2,740 | 2,898 | 2,898 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 6,438 | 6,438 | 4,726 | 4,726 | |
| ======================= | ======================= | ======================= | ======================= |
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 14,400 | 14,400 | 92,900 | 92,900 |
| Support costs | 3,747 | 3,747 | 1,925 | 1,925 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 18,147 | 18,147 | 94,825 | 94,825 | |
| ============================ | ============================ | ============================ | ============================ |
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
7. Expenditure on charitable activities by activity type
| Grant funding | Support |
Total funds | Total fund | ||
|---|---|---|---|---|---|
| of activities | costs |
2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 14,400 | 1,899 |
16,299 | 92,900 | |
| Governance costs | – | 1,848 |
1,848 | 1,925 | |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 14,400 | 3,747 |
18,147 | 94,825 | ||
| ============================ | ======================= | ============================ | ============================ | ||
| 8. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| General office | 1,899 | 1,899 | – | ||
| Governance costs | 1,848 | 1,848 | 1,925 | ||
| ----------------------- | ----------------------- | ----------------------- | |||
| 3,747 | 3,747 | 1,925 | |||
| ======================= | ======================= | ======================= | |||
| 9. | Analysis of grants | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Ahavas Chesed Trust | – | 18,000 | |||
| Ahavas Sholom | – | 2,500 | |||
| Beis Malka | – | 5,000 | |||
| Beis Soroh Schenirer | 3,000 | – | |||
| Bnos | – | 6,000 | |||
| Broom Foundation | – | 2,250 | |||
| Chasdei Yoel | – | 4,000 | |||
| Chesed | – | 4,000 | |||
| Choimel Dalim | – | 11,000 | |||
| Grants £2,000 and under | 11,400 | 15,150 | |||
| Kolyom Trust | – | 5,000 | |||
| Menucha Vesimcha | – | 5,000 | |||
| Ohr Torah | – | 4,000 | |||
| Talmud Torah Yetev Lev | – | 3,500 | |||
| Three Pillars | – | 2,500 | |||
| Zoreya Tzedokos | – | 5,000 | |||
| ---------------------------- | ---------------------------- | ||||
| 14,400 | 92,900 | ||||
| ---------------------------- | ---------------------------- | ||||
| Total grants | 14,400 | 92,900 | |||
| ============================ | ============================ |
The above grants were made to institutions and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
10. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on investment property | – | – | 4,586 | 4,586 | |
| ============== | ============== | ======================= | ======================= | ||
| 11. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 1,500 | 1,800 | ||
| ======================= | ======================= |
12. Staff costs
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Investments
| Investment | Other | ||
|---|---|---|---|
| properties | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2020 | 550,000 | 328,117 | 878,117 |
| Additions | – | 32,294 | 32,294 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| At 31 March 2021 | 550,000 | 360,411 | 910,411 |
| ================================ | ================================ | ================================ | |
| Impairment | |||
| At 1 April 2020 | – | – | |
| Disposals | (7,543) | (7,543) | |
| -------------------------------- | -------------------------------- | ||
| At 31 March 2021 | (7,543) | (7,543) | |
| ================================ | ================================ | ||
| Carrying amount | |||
| At 31 March 2021 | 550,000 | 352,868 | 902,868 |
| ================================ | ================================ | ================================ | |
| At 31 March 2020 | 550,000 | 328,117 | 878,117 |
| ================================ | ================================ | ================================ |
All investments shown above are held at valuation.
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
14. Investments (continued)
Investment properties
The investment properties are stated at market value as per the trustees valuation at the year end.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties
15. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other debtors | 75,674 | 91,723 |
| ============================ | ============================ |
Included in other debtors are loans of £5,002 that are for charitable purposes, are interest free and are repayable on demand.
16. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | – | 19,999 |
| Accruals and deferred income | 4,395 | 4,395 |
| Social security and other taxes | 3,125 | 3,125 |
| ----------------------- | ---------------------------- | |
| 7,520 | 27,519 | |
| ======================= | ============================ | |
| Creditors: amounts falling due after more than one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts | 50,000 | 66,097 |
| ============================ | ============================ |
17. Creditors: amounts falling due after more than one year
The bank loan is secured on the charity's property.
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Stanley Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | At | |||||
| 1 | April 2020 | Income | Expenditure | losses | 31 March | 21 | |
| £ | £ | £ | £ | £ | |||
| General funds | 885,978 | 66,571 | (24,585) | – | 927,964 | ||
| ================================ | ============================ | ============================ | ============== | ================================ | |||
| At | |||||||
| At | Gains and | 31 March | 20 | ||||
| 1 | April 2019 | Income | Expenditure | losses | 20 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 903,760 | 77,183 | (99,551) | 4,586 | 885,978 | ||
| ================================ | ============================ | ============================ | ======================= | ================================ |
19. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Investments | 902,868 | 902,868 |
| Current assets | 82,616 | 82,616 |
| Creditors less than 1 year | (7,520) | (7,520) |
| Creditors greater than 1 year | (50,000) | (50,000) |
| -------------------------------- | -------------------------------- | |
| Net assets | 927,964 | 927,964 |
| ================================ | ================================ | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Investments | 878,117 | 878,117 |
| Current assets | 101,477 | 101,477 |
| Creditors less than 1 year | (27,519) | (27,519) |
| Creditors greater than 1 year | (66,097) | (66,097) |
| -------------------------------- | -------------------------------- | |
| Net assets | 885,978 | 885,978 |
| ================================ | ================================ |
20. Related parties
Included in Other Debtors is £64,656 due from Nesher Limited, a company of which a trustee of this Charity is also a director. The loan attracts interest at a rate of 5% and is repayable on demand.
21. Taxation
Stanley Charitable Trust is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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