**Charity registration number 326424 (England and Wales)**
## **BONAMY CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **BONAMY CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr M Moryoussef Mr Y R Moryoussef Mr J Moryoussef **Charity number (England and Wales)** 326424 **Principal address** Albany House 7-17 Church Street WILMSLOW SK9 1AX **Independent examiner** Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS
## **BONAMY CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
## **BONAMY CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The trustees present their annual report and financial statements for the year ended 31 December 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) (effective 1 January 2019)".
## **Objectives and activities**
The principal objectives of the charity all of which are for the public benefit are:
- the advancement of the Jewish faith and Jewish education;
- the relief of general poverty and providing assistance to needy individuals; and
- providing for the general welfare of the Jewish community.
Each year the trustees review the charity's objectives and activities to ensure they continue to reflect the charity's aims. In carrying out this review the trustees have had due regard to the Charity Commissions general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit.
The principal activities during the year were those of a charity working for the public benefit and included making investments and making charitable donations. Having paid due regard to guidance issued by the Charity Commission, the trustees have identified a number of charities which carry out activities with which they sympathise. Grants are given on application to the trustees by these or similar charities or by individuals who are judged to be deserving of charitable support.
## **Achievements and performance**
The charity has continued to distribute funds to other charities and charitable causes during the year.
## **Financial review**
During the year under review, the charity received donations of £210,000, had investment income of £22,802 with the investments increasing in value by £8,980. This gave the charity resources of £234,814 after governance and other costs of £6,969. Distributions totalling £223,324 were made to other charities and institutions in accordance with the objectives of the charity resulting in an increase of its opening funds of £512,740 by £11,490 to £524,230 at the end of the year.
The charity's funds were mainly invested on a low risk basis in income producing assets. The charity has adequate resources to continue distributing funds in accordance with its objectives.
Reserves are maintained in cash and quoted shares to ensure that the charity has funds available for any urgent requests and sufficient resources for investment to generate income in the future.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use or been allocated for investment should be maintained at a level to ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The Bonamy Charitable Trust is constituted by a Deed of Trust dated 12 September 1983 and is a charity (no. 326424) registered with the Charity Commission.
- 1 -
BONAMY CHARITABLE TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees who served during the year and up to the date of signature of the financial slatements wer8:
Mr M Moryoussef
Mr Y R Moryoussef
Mr J Moryoussef
The day lo day administration of the charity is carrièd on by the trusleas.
All major decislons ara taken collectlvely by the trustees.
Any recruitm8nt and appoinlm8nt of n8w trustees would be in line with th8 Trust Deed and with the consent of
the existing trustees. The criteria set for a suitable Gandidate would be someon8 who is sensitive to the nèèds of
the charity.
In accordance with the Trust Daed, tha InJste8s have the power lo Invest In stocks, shares. Inveslments and
property in the UK as they see fit. The trustees believe that the performance of investm8nts during the year has
be8n salisfaclory and has allowed them to rneet the charity's objectives.
The trustees have absolute discrellon in determining the selection of investments for the charity.
On behalf of the
ard of
ustees
oryoussef
Trustee
Dated..
Zlr"
## **BONAMY CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BONAMY CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of Bonamy Charitable Trust (the charity) for the year ended 31 December 2024.
## **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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Jonathan Brodie FCA
Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS
24/04/2025 Dated: .........................
- 3 -
## **BONAMY CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|210,000|150,500|
|Investments|**4**|22,803|25,024|
|**Total income**||232,803|175,524|
|**Expenditure on:**||||
|Raising funds|**5**|3,832|1,592|
|Charitable activities|**6**|226,461|174,036|
|Total expenditure||230,293|175,628|
|Net gains/(losses) on investments|**12**|8,980|(49,928)|
|**Net income/(expenditure) and movement in funds**||11,490|(50,032)|
|**Reconciliation of funds:**||||
|Fund balances at 1 January 2024||512,740|562,772|
|**Fund balances at 31 December 2024**||524,230|512,740|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
BONAMY CHARITABLE TRUST
BALANCE SHEET
ASAT31 DECEMBER 2024
2024
2023
Notes
Fixed assels
Investments
14
427,983
400,253
Current assets
Debtors
Cash at bank and in hand
15
45.950
52.817
15,200
102,087
98,767
117,287
Crédilors: amounts falllng due wlthln
onè yèar
16
(2.520}
(4,800)
Nat ourr8nt assots
96,247
112,487
Total assets les8 current Ilabllltlos
524,230
512,740
The funds of the charlty
Unre3trict8d funds
17
524,230
512,740
524,230
512,740
The financial stat
ere approved by Ihe truslees on
oussef
**BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
The Bonamy Charitable Trust is constituted by a Deed of Trust dated 12 September 1983 and is a charity (No. 326424) that is registered with the Charities Commission.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The 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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **Investment gains and losses**
Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **1.5 Expenditure**
Liabilities are recognised on an accruals basis as soon as there is a legal or constructive obligation committing the charity to pay out resources.
## **1.6 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.
## **1.7 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.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include 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.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 7 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **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|210,000|150,500|
|**4**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Income from listed investments|11,445|18,999|
||Other income|11,358|6,025|
|||22,803|25,024|
## **5 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Investment management costs|3,832|1,592|
- 8 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **6 Expenditure on charitable activities**
|**Direct costs**
Bank charges
Grant funding of activities (see note 7)
**Share of support and governance costs (see note 8)**
Governance
**Analysis by fund**
Unrestricted funds
**7**
**Grants payable**
Grants to institutions:
Jewish outreach and continuity
Jewish welfare
General poverty and welfare
Jewish education
Synagogues
Grants to individuals
Material grants were made to the following bodies in the following amounts:
King David School Manchester- £10,000
The Fed Community Care- £15,000
United Jewish Israel Appeal- £13,410
Community Security Trust- £20,000
Magen David Adom UK- £8,000
Aish UK- £10,000
Hatzalah - £11,000
IDF Widows and Orphans- £10,000|**Grant**
**funding**
**2024**
**£**
257
223,324
2,880
226,461
226,461
**2024**
**£**
53,820
103,326
16,000
22,850
14,978
210,974
12,350
223,324|**Grant**
**funding**
**2023**
**£**
405
171,033
2,598
174,036
174,036
2023
£
41,706
70,211
29,718
14,822
14,576
171,033
-
171,033|
|---|---|---|
||||
- 9 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **8 Support costs allocated to activities**
|**8**|**Support costs allocated to activities**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||Governance costs|2,880|2,598|
||**Analysed between:**|||
||Grant funding|2,880|2,598|
||Governance costs includes payments to the auditors of £2,880 (2023 -|£2,598) for the|independent|
||examination.|||
|**9**|**Net movement in funds**|**2024**|**2023**|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|2,520|2,400|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.
## **11 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2024**|**2023**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
## **12 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|7,157|(25,155)|
|Sale of investments|1,823|(24,773)|
||8,980|(49,928)|
- 10 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Fixed asset investments**
|**Cost or valuation**
At 1 January 2024
Additions
Valuation changes
Disposals
At 31 December 2024
**Carrying amount**
At 31 December 2024
At 31 December 2023
**15**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**16**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**Listed**
**investments**
**£**
400,253
120,613
8,981
(101,864)
427,983
427,983
400,253
**2024**
**2023**
**£**
**£**
45,950
15,200
**2024**
**2023**
**£**
**£**
-
2,400
2,520
2,400
2,520
4,800|
|---|---|
- 11 -
## **BONAMY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **17 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.
|**At 1**
General funds
**Previous year:**
**At 1**
General funds|**January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
512,740
232,803
(230,293)
8,980
524,230
**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
562,772
175,524
(175,628)
(49,928)
512,740|
|---|---|
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
- 12 -