REGISTERED CHARITY NUMBER: 328731
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2023
for
Adar Charitable Trust
Martin+Heller 5 North End Road London NW11 7RJ
Adar Charitable Trust
Contents of the Financial Statements for the Year Ended 31 October 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
Adar Charitable Trust
Report of the Trustees for the Year Ended 31 October 2023
The trustees present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of 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
Objectives and aims
The charity was established to support the advancement of education, the relief of poverty, religious activities and such other charitable purposes which trustees may determine are connected with the above clause.
Significant activities
During the year the grants made to the institution amounted to £166,935 (2022-£162,552)
Public benefit
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
Volunteers
During the year, the charity did not have any volunteers to help with the objective of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been satisfactory.
Internal and external factors
The trustees have made full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FUTURE PLANS
There are no significant future development to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Wider network
The charity operates throughout England and Wales.
Related parties
The Charity received donations totalling £50,000 (2022:£75,000) from Acemark Properties Limited a company in which one of the Trustees is a director and shareholder.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
328731
Principal address
64 Ballards Lane London N3 2BU
Page 1
Adar Charitable Trust
Report of the Trustees for the Year Ended 31 October 2023
Trustees A C Becker (resigned 3.1.23) J Hager A Neumann Independent Examiner F Martin Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J Hager - Trustee
Page 2
Independent Examiner's Report to the Trustees of Adar Charitable Trust
Independent examiner's report to the trustees of Adar Charitable Trust
I report to the charity trustees on my examination of the accounts of Adar Charitable Trust (the Trust) for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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.
F Martin
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Adar Charitable Trust
Statement of Financial Activities for the Year Ended 31 October 2023
| 31.10.23 | 31.10.22 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 200,172 | 167,600 | |
| Investment income | 2 | 30,900 | 29,717 |
| Total | 231,072 | 197,317 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 64 | 54 |
| Charitable activities | |||
| Grants made | 166,935 | 162,552 | |
| Other | 30,566 | 17,396 | |
| Total | 197,565 | 180,002 | |
| NET INCOME | 33,507 | 17,315 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 470,588 | 453,273 | |
| TOTAL FUNDS CARRIED FORWARD | 504,095 | 470,588 |
The notes form part of these financial statements
Page 4
Adar Charitable Trust
Balance Sheet 31 October 2023
| 31.10.23 Unrestricted fund Notes £ FIXED ASSETS Investment property 7 1,057,854 CURRENT ASSETS Debtors 8 - Investments 9 1 Cash at bank 116,030 116,031 CREDITORS Amounts falling due within one year 10 (10,123) NET CURRENT ASSETS 105,908 TOTAL ASSETS LESS CURRENT LIABILITIES 1,163,762 CREDITORS Amounts falling due after more than one year 11 (659,667) NET ASSETS 504,095 FUNDS 13 Unrestricted funds 504,095 TOTAL FUNDS 504,095 |
31.10.22 Total funds £ 619,835 1,950 1 84,172 86,123 (15,183) 70,940 690,775 (220,187) 470,588 470,588 470,588 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
J Hager - Trustee
The notes form part of these financial statements
Page 5
Adar Charitable Trust
Notes to the Financial Statements for the Year Ended 31 October 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.10.23 | 31.10.22 | |
| £ | £ | |
| Rents received | 30,900 | 29,717 |
Page 6
continued...
Adar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
3. RAISING FUNDS
Investment management costs
| Support costs 4. GRANTS PAYABLE Grants made The total grants paid to institutions during the year was as follows: One Heart - Lev Echod Mifal Hachesed Vehatzedokoh Friends of Beis Soroh Scheirer Kupath Gemach Chaim Bechesed Viznitz Trust Yad Vochessed Association Limited Grants less than £15,000 Beis Ahron Trust BritishFfriends of Chatzer Hakodesh Viznitz Trust |
31.10.23 £ 64 31.10.23 £ 166,935 31.10.23 £ - - - 35,000 15,000 61,935 20,000 35,000 166,935 |
31.10.22 £ 54 31.10.22 £ 162,552 |
|---|---|---|
| 31.10.22 £ 30,000 20,000 20,000 25,000 15,000 52,552 - - |
||
| 162,552 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 167,600 |
| Investment income | 29,717 |
| Total | 197,317 |
| EXPENDITURE ON | |
| Raising funds | 54 |
| Charitable activities | |
| Grants made | 162,552 |
continued...
Page 7
Adar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. INVESTMENT PROPERTY FAIR VALUE At 1 November 2022 Additions At 31 October 2023 NET BOOK VALUE At 31 October 2023 At 31 October 2022 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.23 £ Rent debtor - 9. CURRENT ASSET INVESTMENTS 31.10.23 £ Freehold Investment -Brentwood 1 |
Unrestricted fund £ 17,396 180,002 17,315 453,273 470,588 £ 619,835 438,019 1,057,854 1,057,854 619,835 31.10.22 £ 1,950 31.10.22 £ 1 |
|---|---|
continued...
Page 8
Adar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|
| 31.10.23 | 31.10.22 | ||||
| £ | £ | ||||
| Other creditors | 10,123 | 15,183 | |||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE | YEAR | ||
| 31.10.23 | 31.10.22 | ||||
| £ | £ | ||||
| Bank loans (see note 12) | 220,187 | 220,187 | |||
| Other creditors | 439,480 | - | |||
| 659,667 | 220,187 | ||||
| 12. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 31.10.23 | 31.10.22 | ||||
| £ | £ | ||||
| Amounts falling due in more than five years: | |||||
| Repayable by instalments: | |||||
| Bank loans more 5 yr by instal | 220,187 | 220,187 | |||
| 13. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1/11/22 | in funds | 31/10/23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 470,588 | 33,507 | 504,095 | ||
| TOTAL FUNDS | 470,588 | 33,507 | 504,095 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 231,072 | (197,565) | 33,507 | ||
| TOTAL FUNDS | 231,072 | (197,565) | 33,507 |
continued...
Page 9
Adar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/11/21 | in funds | 31/10/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 453,273 | 17,315 | 470,588 |
| TOTAL FUNDS | 453,273 | 17,315 | 470,588 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 197,317 | (180,002) | 17,315 |
| TOTAL FUNDS | 197,317 | (180,002) | 17,315 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement At 1/11/21 in funds £ £ Unrestricted funds General fund 453,273 50,822 TOTAL FUNDS 453,273 50,822 |
At 31/10/23 £ 504,095 |
|---|---|
| 504,095 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 428,389 | (377,567) | 50,822 |
| TOTAL FUNDS | 428,389 | (377,567) | 50,822 |
continued...
Page 10
Adar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
14. RELATED PARTY DISCLOSURES
The charity received donations totalling £50,000 (2022:£75,000) from Acemark Properties Limited a company in which one of the Trustees is a director and shareholder.
Page 11