DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
CHARITY REGISTRATION NUMBER: 803401
THE CHEDVA CHARITABLE TRUST FINANCIAL STATEMENTS
31 MARCH 2023
COHEN ARNOLD
Chartered Accountants& Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| PAGES | |
|---|---|
| Trustees' Annual Report | 1 to 4 |
| Independent Auditor's Report to the Members | 5 to 9 |
| Statement of Financial Activities | 10 |
| Statement of Financial Position | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 to 21 |
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2023
The trustees present their report and the financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Chedva Charitable Trust Charity registration number 803401 Principal office 16 Broadfields Avenue Edgware Middlesex HA8 8PG
THE TRUSTEES Mr D Rabson Mrs E Rabson
AUDITOR New Burlington House 1075 Finchley Road London NW11 0PU
BANKERS Barclays Bank Plc Edgware Group 126 Station Road Edgware Middlesex HA8 7RY
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is constituted and governed by its Declaration of Trust dated 5 December 1989 and is an unincorporated charity registered with the Charity Commission (Registration no. 803401).
The day to day affairs of the charity are administered by the trustees, whose chairman is Mr D Rabson.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change, the trustees will apply suitable recruitment and training procedures.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
OBJECTIVES AND ACTIVITIES
The charity is established to further both in the United Kingdom and abroad those purposes recognised as charitable by English Law. To achieve these objects, the charity receives income from its investment properties, cash deposits, investments and charitable receipts which it utilises to make grants, donations and loans for charitable purposes.
The charity's principal activity throughout the year was the provision and distribution of donations, grants and loans to charities, and no change is envisaged in the immediate future.
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.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its activities and maintained its support of religious other charitable institutions in Great Britain and aggregate donations were paid in the sum of £1,580,000.
The benefits that these charities provide include financial assistance and provision of basic necessities to the poor, Jewish education and support for places of worship for the Jewish community.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain liquid reserves at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. This level of liquid reserves equates to the net current assets of the charity, which at 31 March 2023 were £1,715,998 (2022: £2,312,825). The trustees consider this to be reasonable insofar as it is at least the level of one year's donations. The trustees are considering how best to apply those funds for charitable purposes and further income yielding investments. The trustees have not undertaken any formal charitable commitments and consider that the charity will generate sufficient income from its investment properties and listed investments and from donations to fund its ongoing activities.
As at 31 March 2023 the charity had total funds of £6,052,164 (2022: £7,273,154), all of which were unrestricted funds.
Investment policy
Under the Trust Deed, the charity has the power to make investments which the trustees consider appropriate. The trustees seek investments which, over a medium term, are anticipated to generate a dependable flow of income coupled with capital growth.
The trustees consider the return on investments, in terms of both income and capital growth, to be satisfactory.
Grant making policy
The charity makes grants and donations to organisations and institutions for the advancement of religion and education and for the relief of poverty. The recipient institutions are principally based in the United Kingdom.
In making grants and donations, the trustees use their personal knowledge of the institution, its representatives, operational efficiency and reputation. The trustees monitor the application of the grants and donations by meeting with representatives of the institutions and obtaining information as to the utilisation of funds.
PRINCIPAL RISKS AND UNCERTAINTIES
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.
PLANS FOR FUTURE PERIODS
The future plans of the charity are to continue to support organisations whose objectives are the advancement of religion and education and to institutions for the relief of poverty and to ensure that the ability to generate sufficient income is maintained to achieve that end.
TRUSTEES' RESPONSIBILITIES STATEMENT
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
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THE CHEDVA CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with the relevant provisions.
The trustees' annual report was approved on 29 January 2024 and signed on behalf of the board of trustees by:
Mr D Rabson
Trustee
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST
YEAR ENDED 31 MARCH 2023
OPINION
We have audited the financial statements of The Chedva Charitable Trust (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in noteto the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)
YEAR ENDED 31 MARCH 2023
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)
YEAR ENDED 31 MARCH 2023
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and senior management. We identified financial reporting legislation (including related companies legislation and charities legislation), taxation legislation, employment legislation and anti-bribery legislation as being most significant to these financial statements.
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We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
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We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees and senior management during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.
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Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)
YEAR ENDED 31 MARCH 2023
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)
YEAR ENDED 31 MARCH 2023
Cohen Arnold is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
USE OF OUR REPORT
This report is made solely to the charity's members, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Barry Leigh (Senior Statutory Auditor) For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU 29 January 2024
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 84,000 | 84,000 | 212,091 |
| Investment income | 5 | 348,141 | 348,141 | 267,384 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Total income | 432,141 | 432,141 | 479,475 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (65,724) | (65,724) | (88,963) |
| Expenditure on charitable activities | 7,8 | (1,592,433) | (1,592,433) | (1,224,999) |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | (1,658,157) | (1,658,157) | (1,313,962) | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Net gains on investments | 11 | 5,026 | 5,026 | 416,240 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net expenditure and net movement in funds | (1,220,990) | (1,220,990) | (418,247) | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 7,273,154 | 7,273,154 | 7,691,401 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 6,052,164 | 6,052,164 | 7,273,154 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
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 13 to 21 form part of these financial statements.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 15 | 4,336,166 | 4,960,329 | ||
| CURRENT ASSETS | |||||
| Debtors | 17 | 632,113 | 967,963 | ||
| Cash at bank and in hand | 1,408,743 | 1,645,642 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| 2,040,856 | 2,613,605 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 18 | (324,858) | (300,780) | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| NET CURRENT ASSETS | 1,715,998 | 2,312,825 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 6,052,164 | 7,273,154 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| NET ASSETS | 6,052,164 | 7,273,154 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 6,052,164 | 7,273,154 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total charity funds | 20 | 6,052,164 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
7,273,154 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 29 January 2024, and are signed on behalf of the board by:
Mr D Rabson Trustee
Charity Registration No. 803401
The notes on pages 13 to 21 form part of these financial statements.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2023
| YEAR ENDED 31 MARCH 2023 | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net expenditure | (1,220,990) | (418,247) |
| Adjustments for: | ||
| Net gains on investments | (5,026) | (416,240) |
| Dividends, interest and rents from investments | (348,103) | (267,244) |
| Other interest receivable and similar income | (38) | (140) |
| Interest payable and similar charges | – | 4,227 |
| Accrued income | (8,300) | – |
| Expenditure on investment properties | 65,724 | 84,736 |
| Donations in kind | – | (98,681) |
| Changes in: | ||
| Trade and other debtors | (82,032) | (152,522) |
| Trade and other creditors | 5,668 | (7,994) |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | (1,593,097) | (1,272,105) |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net cash used in operating activities | (1,593,097) | (1,272,105) |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Dividends, interest and rents from investments | 793,080 | 97,041 |
| Expenditure on investment properties | (66,171) | (78,242) |
| Proceeds from sale of tangible assets | – | 2,334,136 |
| Purchases of other investments | – | (7,410) |
| Proceeds from sale of other investments | 629,289 | 130,039 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net cash from investing activities | 1,356,198 | 2,475,564 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayments of borrowings | – | (505,694) |
| Interest paid | – | (304) |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net cash used in financing activities | – | (505,998) |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| NET (DECREASE)/INCREASE IN CASH AND CASH | ||
| EQUIVALENTS | (236,899) | 697,461 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,645,642 | 948,181 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,408,743 | 1,645,642 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
The notes on pages 13 to 21 form part of these financial statements.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
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 16 Broadfields Avenue, Edgware, Middlesex, HA8 8PG.
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.
The charity meets the definition of a public benefit entity under FRS 102.
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 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgements and estimates made by the trustees, in the application of these accounting policies have significant effect on the financial statements as follows:
i. Property valuations
The valuation of the charity's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
ii. Trade debtors
Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.
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DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
3. ACCOUNTING POLICIES (continued)
Taxation
The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly, the charity does not recognise any deferred tax liability on revaluations of investments as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemptions, as it will apply all funds for qualifying charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
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:
-
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.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
Grants payable policy
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remains in the control of the charity.
Acquisitions and disposals of properties
Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financial statements accordingly.
- 14 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
3. ACCOUNTING POLICIES (continued)
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 associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure.
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 payable 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.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
For all equity instruments regardless of significance, these are assessed individually for impairment.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations received | 84,000 | 84,000 | 212,091 | 212,091 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
- 15 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
5. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 318,619 | 318,619 | 232,006 | 232,006 |
| Income from listed investments | 29,484 | 29,484 | 35,238 | 35,238 |
| Bank interest receivable | 38 | 38 | 140 | 140 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 348,141 | 348,141 | 267,384 | 267,384 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
6. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Property management expenses | 65,724 | 65,724 | 84,736 | 84,736 |
| Interest payable and similar charges | – | – | 4,227 | 4,227 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 65,724 | 65,724 | 88,963 | 88,963 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Grants paid | 1,580,000 | 1,580,000 | 1,210,000 | 1,210,000 |
| Support costs | 12,433 | 12,433 | 14,999 | 14,999 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 1,592,433 | 1,592,433 | 1,224,999 | 1,224,999 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Grant funding | Total funds | Total fund | ||
| of activities | Support costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Grants paid | 1,580,000 | – | 1,580,000 | 1,210,000 |
| Governance costs | – | 12,433 | 12,433 | 14,999 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 1,580,000 | 12,433 | 1,592,433 | 1,224,999 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| ANALYSIS OF SUPPORT COSTS | ||||
| Support costs | Total 2023 | Total 2022 | ||
| £ | £ | £ | ||
| Governance costs | 12,433 ৶৶৶৶৶৶৶৶৶ |
12,433 ৶৶৶৶৶৶৶৶৶ |
14,999 ৶৶৶৶৶৶৶৶৶ |
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
9. ANALYSIS OF SUPPORT COSTS
10. ANALYSIS OF GRANTS
Donations aggregating £1,580,000 in support of education and relief from poverty were made to Achisomoch Aid Company Limited.
- 16 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
11. NET GAINS ON INVESTMENTS
| NET GAINS ON INVESTMENTS | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Gains/(losses) on investment property | – | – | 34,136 | 34,136 |
| Gains/(losses) on listed investments | 12,588 | 12,588 | 357,067 | 357,067 |
| Realised losses/(gains) on disposal of | ||||
| investment assets | (7,562) | (7,562) | 25,037 | 25,037 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 5,026 | 5,026 | 416,240 | 416,240 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| NET EXPENDITURE | ||||
| Net expenditure is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable for the audit of the financial statements | 12,000 ৶৶৶৶৶৶৶৶৶ |
12,000 ৶৶৶৶৶৶৶৶৶ |
12. NET EXPENDITURE
13. STAFF COSTS
The average head count of employees, including trustees, during the year was 2 (2022: 2).
No salaries or wages have been paid to employees, including the trustees, during the year (2022: Nil).
14. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
15. INVESTMENTS
| INVESTMENTS | ||||
|---|---|---|---|---|
| Listed | Investment | Other | ||
| investments | properties | investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 April 2022 | 1,603,135 | 3,050,194 | 307,000 | 4,960,329 |
| Additions | – | – | – | – |
| Disposals | (636,751) | – | – | (636,751) |
| Fair value movements | 12,588 | – | – | 12,588 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| At 31 March 2023 | 978,972 | 3,050,194 | 307,000 | 4,336,166 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | ||||
| At 1 April 2022 and 31 March 2023 | – | – | ||
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Carrying amount | ||||
| At 31 March 2023 | 978,972 | 3,050,194 | 307,000 | 4,336,166 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At 31 March 2022 | 1,603,135 | 3,050,194 | 307,000 | 4,960,329 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
- 17 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
15. INVESTMENTS (continued)
Investment properties
The charity's commercial investment properties were valued at 31 March 2023 by the trustees based on their understanding of property market conditions and the specific properties concerned using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income.
The historical cost of the properties is £3,387,907.
At the year end, title to the investment properties is registered in the name of the undermentioned nominee companies:
Elda Limited Midaforce Limited
Financial assets held at fair value
Listed investments are valued at market value as at year end.
16. INVESTMENT ENTITIES
Investments in associates
The charity holds 40% of the ordinary share capital of Tenbest Limited, a property investment company incorporated in Great Britain and registered in England and Wales. The registered address of Tenbest Limited is 115 Craven Park Road, London, N15 6BL. Tenbest Limited prepares its accounts to 31 March.
The aggregate assets, liabilities, capital and reserves of Tenbest Limited that are attributable to the charity as at 31 March 2023 were as follows:
| the charity as at 31 March 2023 were as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fixed assets | 2,325,400 | 2,325,402 |
| Current assets | 831,263 | 830,510 |
| Current liabilities | (1,411,942) | (1,366,049) |
| Non-current liabilities | (1,335,614) | (1,380,754) |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Aggregate capital and reserves | 409,107 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
409,109 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
A summary of turnover, expenditure and profit/(loss) that are attributable to the charity for the year ended 31 March 2023 is as follows:
| year ended 31 March 2023 is as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Turnover | 249,448 | 267,440 |
| Administrative expenses | (182,364) | (203,619) |
| Income from fixed assets | 2,011 | – |
| Interest receivable and similar income | 367 | 6 |
| Interest payable and similar expenses | (69,464) | (63,829) |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| (2) | (2) | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
The fair values of investments in associates are determined using the net assets of the investments, with discounts applied for minority shareholdings.
- 18 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
17. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Trade debtors | 181,777 | 241,048 |
| Prepayments and accrued income | 18,456 | 10,209 |
| Other debtors | 431,880 | 716,706 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 632,113 | 967,963 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
Other debtors includes an amount of £43,747 (2022: £368,974) due from AIM Property Management LLP, a partnership whose partners include a company whose directors are trustees of the charity, which does not bear interest, held on property management account.
18. CREDITORS: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade creditors | – | 9,150 |
| Accruals and deferred income | 62,066 | 53,346 |
| Other creditors | 262,792 | 238,284 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 324,858 | 300,780 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
Other creditors include an amount of £165,098 (2022: £146,258) due to Airex Limited, a company whose directors are trustees of the charity, which does not bear interest.
19. DEFERRED INCOME
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| At 1 April 2022 | (40,846) | 90,031 |
| Amount released to income | 40,846 | (90,031) |
| Amount deferred in year | 50,066 | 40,846 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 31 March 2023 | 50,066 ৶৶৶৶৶৶৶৶৶ |
40,846 ৶৶৶৶৶৶৶৶৶ |
Deferred income arises from rents charged in advance.
20. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | ||||||
|---|---|---|---|---|---|---|
| At | Gains and | 31 March | ||||
| 1 | April 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | ||
| General funds | 7,273,154 | 432,141 | (1,658,157) | 5,026 | 6,052,164 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| At | ||||||
| At | Gains and | 31 March | ||||
| 1 | April 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | ||
| General funds | 7,691,401 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
479,475 ৶৶৶৶৶৶৶৶৶৶ |
(1,313,962) ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
416,240 ৶৶৶৶৶৶৶৶৶৶ |
7,273,154 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
- 19 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2023 | |||
| £ | £ | |||
| Investments | 4,336,166 | 4,336,166 | ||
| Current assets | 2,040,856 | 2,040,856 | ||
| Creditors less than 1 year | (324,858) | (324,858) | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 6,052,164 | 6,052,164 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Unrestricted | Total Funds | |||
| Funds | 2022 | |||
| £ | £ | |||
| Investments | 4,960,329 | 4,960,329 | ||
| Current assets | 2,613,605 | 2,613,605 | ||
| Creditors less than 1 year | (300,780) | (300,780) | ||
| Creditors greater than 1 year | – | – | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 7,273,154 | 7,273,154 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| 22. | FINANCIAL INSTRUMENTS | |||
| The carrying amount for each category of financial | instrument is as | follows: | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Financial assets measured at fair value through | income and expenditure | |||
| Financial assets measured at fair value through income and | ||||
| expenditure | 1,285,972 | 1,910,135 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| 23. | ANALYSIS OF CHANGES IN NET DEBT | |||
| At | At | |||
| 1 Apr 2022 | Movements | 31 Mar 2023 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 1,645,642 | (236,899) | 1,408,743 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| 24. | OPERATING LEASE COMMITMENTS |
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
| as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Not later than 1 year | 65,000 | 65,000 |
| Later than 1 year and not later than 5 years | 163,000 | 228,000 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 228,000 ৶৶৶৶৶৶৶৶৶৶ |
293,000 ৶৶৶৶৶৶৶৶৶৶ |
- 20 -
DocuSign Envelope ID: 9C80CF0B-0CD9-411F-BB7C-B87F907BFE5A
THE CHEDVA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
25. RELATED PARTIES
During the year, the charity received donations of £84,000 (2022: £106,000) from Tenbest Limited.
Other debtors include short term interest free charitable loans totalling £280,500 to charities of which Mr D Rabson, a trustee of this charity, is a trustee.
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